Commercial Standard Fire & Marine Co. v. Commissioner of Insurance

PHILLIPS, Chief Justice.

This case involves taxes allegedly due the State under the gross premium receipts tax levied by Vernon’s Tex.Rev.Civ.Ann. art. 7064.

Appellant first brought suit by means of protest 1 in cause number 143,150 for taxes paid for the year ending December 31, 1963. In this suit appellant took the position that (1) the Insurance Commission had improperly assessed appellant’s tax due the State by declaring that Tex.Rev.Civ. Stat.Ann. art. 7064 requires a comparison of the insurance company’s investment in “Texas securities” with appellant’s investment in “similar securities”…