Gilmore Holding Corp. v. Stokes

Mr,. Justice DeITaven

delivered the opinión of the Court.

Chapter 100, Public Acts 1937, imposes a tax of fifteen cents on the one hundred dollars, or major fraction thereof, of the issued and outstanding stock, surplus and undivided profits of a corporation for the privilege of doing’ business in corporate form in Tennessee. It is provided by the Act that the tax imposed shall in no case be less than the actual value of the real and tangible personal property owned or used by such corporation in this State. The Act requires that every corporation liable for the tax imposed, on or before July 1…