McMILLIN, Presiding Judge, for the Court:
¶ 1. This is a case involving the proper interpretation of this state's franchise tax laws. Mississippi Power and Light (hereafter "MP & L") sought unsuccessfully to have the Mississippi Tax Commission remove certain accounts from consideration in computing the book value of the company's capital — the basis upon which the franchise tax is levied. MP & L appealed to the Chancery Court of Hinds County, which...
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