R. D. R. R. Co. v. . Comm'r of Alamance

The case turns upon the construction of the fifth section of an Act for completing the North Carolina Railroad, ratified the 14th day of February, 1855. It is in these words, "All the real estate held by the Company for right of way, for station places of whatever kind, and for workshop location, shall be exempt from taxation until the dividends of profits of said Company shall exceed six per centum per annum." The dividends of profits have not yet exceeded that sum, and therefore no real estate held by the Company for the purposes described in the above recited section of the Act is now…