In Re Gypsy Oil Co.

The Gypsy Oil Company, a corporation, protested certain tax levies made by the excise board of Tulsa county for the fiscal year beginning July 1, 1928, as illegal and excessive. An appeal was taken by the protestee from the judgment of the Court of Tax Review.

Protestee presents four propositions and discusses each separately. We will consider these propositions in the same order.

The first proposition involves the proper method of computing annual accrual on bonds maturing in installments. The protestee contends that the annual accruals should be computed on the basis of the number of tax…