People ex rel. Post & McCord, Inc. v. Cantor

The relator’s capital has been assessed by the defendants under section 12 of the Tax Law at *633the sum of $100,000. It seeks to have this assessment vacated on the ground that it is a manufacturing or mercantile corporation and that by virtue of the provisions of chapter 726 of the Laws of 1917, adding article 9-a, it is required to pay a tax of three per cent on its net income and is exempt from any tax on its personal property or capital. There is no doubt that the relator can be required to pay only one tax, but apparently the state tax commissioners have decided that it is a mercantile…