People ex rel. New York Rapid Transit Corp. v. Loughman

Before and during the year prior to July 1, 1927, elevated railroads and electric surface railroads were required to file a report with the State Tax Commission by August first, showing gross earnings and dividends for the fiscal year ending the preceding June thirtieth, and to pay, not later than August fifteenth, a franchise tax of. one per cent upon gross earnings, plus a percentage tax on dividends declared in excess of four per centum. (Tax Law, §§ 185, 192, 197.) Subways paid one-half of one per cent upon gross earnings only, as the law stood during the year prior to July 1, 1927. (Tax…