LAMNECK, J.
In the Wrenn Paper Co. case, this court held that under Section 5498, General Code, federal securities, owned by an Ohio domestic corporation for profit, must be excluded from the tax base in determining the franchise tax imposed on such corporation.
Section 5498, General Code, explicitly provides that the franchise "fee of one-tenth of one per cent," fixed by Section 5499, General Code, shall be levied on "the value of the issued and outstanding...
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