Respondent correctly concluded that the computation of the general corporation tax herein did not result in double taxation of petitioner's income. Petitioner's general corporation tax liability was, by its terms, calculated upon petitioner's business and investment capital (Administrative Code of City of New York § 11-604 [1] [E] [2]) and not upon its net income (Administrative Code § 11-604 [1] [E] [1], [3]).
It is well settled that, in the area of taxation...
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