Bennett v. Finkbine Lumber Co.

Faville, J. —

Appellee is a corporation, which was duly organized under the laws of the state of Iowa in 1901. It is engaged in the production, manufacture, and sale of lumber and kindred commodities. Its capital stock is $400,000, divided into 4,000 shares of the par value of $100 each. The tax sought to be levied jg against the shares of stock in said corporation for the years 1917,1918, 1919, and 1920. It appears that, during said period of time, appellee owned a large amount of timber land in the state of Mississippi, and operated two mills in connection therewith, and the necessary…