Commonwealth v. National Steel Corp.

Braham, P. J.,

This case is before the court en banc upon the appeal of National Steel Corporation, defendant, pursuant to section 1104 of The Fiscal Code of April 9, 1929, P. L. 343, 72 PS §1104, from resettlement by the Board of Finance and Revenue of defendant’s corporate loans tax for the year 1935. The facts have been stipulated but it is unnecessary to recount them except briefly at the outset and as may be required in our discussion.

The tax in dispute is on a corporate bond issue known as first (collateral) mortgage sinking fund gold bonds, five percent series, due 1956, in the amount…