Commonwealth v. Commonwealth Federal Savings & Loan Ass'n

Opinion by

Judge Kramer,

This is an appeal from an order of the Board of Finance and Revenue, dated September 27, 1974. The order denies review of the Commonwealth Federal Savings and Loan Association of Norristown’s (appellant) petition for resettlement of its Mutual Thrift Institution’s (M.T.I.) tax for the year ending December 31, 1972..

The tax involved is a franchise or excise tax on the privilege of doing business in the Commonwealth.1 The Department of Revenue (Department) included in the appellant’s net earnings, upon which the tax is based, interest received on a loan to the Chester…