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GULF OIL CORP. v. S.C. TAX COMMISSION

18535

248 S.C. 267 (1966)

149 S.E.2d 642

GULF OIL CORPORATION, Respondent, v. SOUTH CAROLINA TAX COMMISSION, Appellant.

Supreme Court of South Carolina.

July 19, 1966.

Attorney(s) appearing for the Case

Messrs. Daniel R. McLeod, Attorney General, and Joe L. Allen, Jr., and Joseph C. Coleman, Assistant Attorneys General, of Columbia, for Appellant.

Messrs. McKay, McKay, Black & Walker, of Columbia, and Gene F. Presley, of Atlanta, Georgia, of Counsel, for Respondent.

Messrs. Daniel R. McLeod, Attorney General, and Joe L. Allen, Jr. and Joseph C. Coleman, Assistant Attorneys General, of Columbia, for Appellant, in Reply.

July 19, 1966.

LIONEL K. LEGGE, Acting Associate Justice.

This appeal presents a single question, which appellant states thus: Does the excess above par value of stock distributed in a stock dividend which is transferred from an earned surplus account to a capital account constitute dollars paid in as surplus subject to the South Carolina license or franchise tax?

Respondent, Gulf Oil Corporation, a Pennsylvania corporation qualified to do business...

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