Pacific Co. v. Johnson

This case is here on appeal, Jud. Code § 237, from a judgment of the Supreme Court of California, denying *488recovery of a tax paid by appellant, a California corporation, for the privilege of doing business within the state, and exacted .under a statute1 alleged to be in contravention of the contract clause, Art. I, § 10, of the Federal Constitution. 212 Cal. 148. The annual tax is, for domestic corporations, a\ specified percentage of the net income of the corporation for the next preceding fiscal or calendar year. By § 7 of the statute, net income is defined as “ gross income ” less certain…