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PIEDMONT CANTEEN SERVICE, INC. v. JOHNSON

No. 459.

123 S.E.2d 582 (1962)

256 N.C. 155

PIEDMONT CANTEEN SERVICE, INC. v. William JOHNSON, Commissioner of Revenue for North Carolina.

Supreme Court of North Carolina.

January 12, 1962.

Attorney(s) appearing for the Case

Henderson & Henderson and Lloyd F. Boucom, Charlotte, and Robert D. Stewart, Charlotte, for plaintiff, appellant.

Atty. Gen. T. W. Bruton and Asst. Attys. Gen. Lucius W. Pullen and Peyton B. Abbott, for defendant, appellee.

MOORE, Justice.

We first consider the use tax assessment.

By the terms of the lease agreement for use of the vending machines Piedmont was obligated to pay, and did pay, Automatic rental on three bases: (1) Initial rent, to cover Automatic's cost of placing machines in Piedmont's place of business; (2) period rent, for 65 company periods or five years to cover amortization of the cost of machines to Automatic; and (3) residual rent, a nominal rental charged...

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