FULTON CORP. v. JUSTUS

No. 305A93.

450 S.E.2d 728 (1994)

338 N.C. 472

FULTON CORPORATION v. Betsy Y. JUSTUS, Secretary of Revenue.

Supreme Court of North Carolina.

December 9, 1994.


Attorney(s) appearing for the Case

Womble Carlyle Sandridge & Rice by Jasper L. Cummings, Jr., Raleigh, for plaintiff-appellant and -appellee.

Michael F. Easley, Atty. Gen. by Marilyn R. Mudge, Asst. Atty. Gen., for defendant-appellant and -appellee.


EXUM, Chief Justice.

Plaintiff, Fulton Corporation, is a North Carolina corporation with its principle place of business in North Carolina. Plaintiff owns stock in other corporations and pays an "intangibles" tax on that stock to this State pursuant to N.C.G.S. § 105-203. On 1 May 1991 plaintiff filed suit challenging the constitutionality of North Carolina's intangibles tax levied on ownership of corporate stock. Plaintiff alleged that the provisions of North...

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