Memphis Peabody Corporation v. MacFarland

This case presents the question of whether a corporation using leased property in the conduct of its business is properly required in computing its franchise tax to include in the minimum measure thereof the assessed value of such leased property, under T.C.A'. sec. 67-2909.

The Commissioner assessed the tax. It was paid under protest under T.C.A. sec. 67-2303. This action was then commenced pursuant to T.C.A. sec. 67-2305 to recover said sum so paid.

Appellant is a Tennessee Corporation engaged in the business of operating the Peabody Hotel in Memphis. In the operation of said Hotel it leases…