Ballou v. Fisher

The question involved in the case is whether the receipts in question are exempt from the Oregon Intangibles Income Tax Act of 1931 by reason of the provisions of section 8, chapter 335, Oregon Laws of 1931. Section 3 of that chapter provides:

“A tax hereby is imposed upon every resident individual and corporation, which tax shall be levied, collected and paid annually at the rate of 8 per cent with respect to the taxpayer’s net income as herein defined.”

Subdivision 9 of section 1 defines “intangibles” as follows:

“9. The word ‘intangibles’ means and includes money at interest, bonds, notes,…