tax exemption as contract
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 44 U.S. 133 - Samuel Gordon v. The Appeal Tax Court James Cheston · 1845Most cited · 94 citing opinions
a franchise for banking, when bought, the price is paid for the use of the privilege whilst it lasts, and any tax upon it would substantially be an addition to the price. But whether the bonus for the franchise is paid by an annual tax upon the capital stock, or in any other way, it is in the discretion of the legislature to tax the capital stock as an aggregate, according to its actual value, or the stockholders on account of their separate ownership of it.