Montana Life Insurance v. Shannon

This action was brought to recover taxes paid under protest. Plaintiff is a life insurance company organized under the laws of, and with its principal place of business within, the state. It conducted its business within and without the state during the year 1932. Plaintiff made its return to the State Board of Equalization, for the year 1932, and paid on that basis its corporate license tax. In this return it omitted interest on bonds, notes, and other interest-bearing obligations of nonresidents of the state held and kept within the state. These interest payments were collected during the…