American Inv. Corp. v. State Tax Commission

I dissent. I agree with the conclusion reached by the prevailing opinion that plaintiff corporation is not exempt under Sec. 80-13-5, R. S. U. 1933. However, I cannot subscribe to the criterion laid down for determining whether a corporation is or is not exempt under that section. The statute provides that it is whether the “sole business” of the corporation is that of a holding company. I should not think in any case it would lie in the mouth of the corporation to say that its business was ultra vires and hence its tax would not be measured by income from the business it did but only by the…