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  5. 160 S.E.2d 98 (1968)
 

PETITION OF NEWSOM OIL COMPANY

No. 527.

160 S.E.2d 98 (1968)

273 N.C. 383

Petition of NEWSOM OIL COMPANY for Judicial Review of Administrative Decision Number 96 of the Tax Review Board concerning an Assessment of Intangibles Tax for the years 1960, 1961, and 1962.

Supreme Court of North Carolina.

March 27, 1968.

Attorney(s) appearing for the Case

Hatch, Little, Bunn & Jones, by E. Richard Jones, Jr., Raleigh, for petitioner appellant.

Atty. Gen. T. W. Bruton and Asst. Atty. Gen. Robert L. Gunn, for respondent appellee.

PARKER, Chief Justice.

Appellant Newsom Oil Company is a distributor of motor fuels as defined in G.S. § 105-430(2) and is licensed pursuant to G.S. § 105-433. As such, appellant is required to account for gasoline taxes as prescribed by Article 36, Chapter 105 of the General Statutes. In computing its intangibles tax liability pursuant to Article 7, Chapter 105, appellant deducted from accounts receivable for the years 1960, 1961, and 1962 the amount of...

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