First National Bank of Birmingham v. State

CLAYTON, Justice.

This is an appeal from a final decree of the Circuit Court of Montgomery County, in equity.

The case involves one phase of the liability of the appellant, The First National Bank of Birmingham, for the tax termed the “excise tax on financial institutions” which was imposed for the taxable year 1944, based on the net income of the appellant (sometimes herein referred to as the Bank) for the year 1943. The state excise tax on financial institutions is imposed for the doing of business in one calendar year based upon the net income of the financial institution involved for the…