People ex rel. Beck Hazzard, Inc. v. Gilchrist

The relator is a domestic corporation with a capital stock of the par value of $1,000,000. It owns the stock of forty-eight subsidiary domestic corporations. During the year 1922 these corporations owned and conducted about sixty retail stores selling men’s and women’s shoes. The principal place of business of the parent corporation is in New York city. The stores are located in New York and other States. The tax in question is the franchise tax on business corporations. It is to be computed upon the net income for the year next preceding that for which the tax is to be levied, “ which entire…