Hughes v. Commercial Securities Co.

The tax collector has appealed from a judgment rejecting his demand for additional license taxes for the years 1925 and 1926. The defendant is what is commonly called a finance company, engaged in the business of buying and selling stocks, bonds and promissory notes, and especially discounting notes secured.by chattel mortgages. The company paid a license tax of $200 for the year 1925 and $360 for the year 1926. The tax collector claims that the license tax should have been ten times the amount that was paid for each year. The case depends upon the meaning of the term “gross annual receipts,”…