National-Standard Co. v. Department of Treasury

These cases arose over the amount of annual franchise privilege fees assessed against American Standard Inc. for the years 1966 and 1967, and National-Standard Company for the years 1962 through 1965, by the Corporation Franchise Fee Division of the Department of Treasury, hereafter referred to as the “State.” The cases have been combined for disposition in one opinion because of similarity of issues.

In these franchise privilege fee cases, we are once again confronted with the meaning of the word “surplus,” as defined and used in the statute. Section 4 of the statute (PA 1921, No 85, as…