franchise tax
Defined in 3 dictionaries — Case Law, Ballentine's (1916), Black's (1910)
Definitions from Case Law
From 266 U.S. 271 - Bass, Ratcliff & Gretton, Ltd. v. State Tax Commission · 1924Most cited · 371 citing opinions
It is not a direct tax upon the allocated income of the corporation in a given year, but a tax for the privilege of doing business in one year measured by the allocated income accruing from the business in the preceding year.
Ballentine's Law Dictionary
James A. Ballentine · 1916
A tax on the privilege of doing business as a corporation. See 84 Vt. 167, Ann. Cas. 1912D, 22, 78 Atl. 944.
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
See Franchise.
Defined under Tax in Black's Law Dictionary.