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CHENEY v. STEPHENS, INC.

No. 5-2019.

330 S.W.2d 949 (1960)

J. Orville CHENEY, Commissioner of Revenues, Appellant, v. STEPHENS, INC., Appellee.

Supreme Court of Arkansas.

January 18, 1960.

Attorney(s) appearing for the Case

Herrn Northcutt, Little Rock, for appellant.

Mehaffy, Smith & Williams and William H. Bowen, Little Rock, for appellee.

WARD, Justice.

The issue presented on this appeal is whether a domestic corporation must pay State income taxes on earnings derived from without the State under the provisions of the State Income Tax Act, Act 118 of the Acts of 1929 and the amendments thereto (Ark.Stats. § 84-2001 et seq.).

Appellee, Stephens, Inc., derived the subject income from the purchase and sale of a large number of shares of stock in the Arkansas Louisiana Gas Company (hereafter...

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