J. T. Jenkins Co. v. County of Los Angeles

The plaintiff appeals from a judgment in an action brought by it to recover taxes paid under protest.

The contention of the plaintiff is that, pursuant to section 1060 of the Revenue and Taxation Code, 1 certain debts owed by the plaintiff should have been deducted from the amount of debts owed to the plaintiff in determining the value of the solvent credits of the plaintiff which were subject to taxation. Under section 114 of the Revenue and Taxation Code, debts are defined as being “unsecured liabilities of the same class as is subject to taxation owing by the assessee to bona fide residents…