HART v. DEPARTMENT OF REVENUE

Docket No. 89, Calendar No. 45,365.

333 Mich. 248 (1952)

52 N.W.2d 685

HART v. DEPARTMENT OF REVENUE.

Supreme Court of Michigan.

Decided April 7, 1952.


Attorney(s) appearing for the Case

Kelly, Kelly & Kelly, for plaintiffs.

Frank G. Millard, Attorney General, Edmund E. Shepherd, Solicitor General, and T. Carl Holbrook and William D. Dexter, Assistants Attorney General, for defendants.


BUTZEL, J.

Plaintiffs, copartners doing business as the Century Finance Company, purchased promissory notes from the holders thereof at a discount and for less than the face amounts of the principal or balances due on such notes, and when and if paid, realized a profit over and above the amounts paid for the notes. Notwithstanding their claim that they were not legally liable for an intangible tax of $2,103.21 for such discounts or profits realized from this source...

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