Cream of Wheat Co. v. County of Grand Forks, 253 U.S. 325 (1920)

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Cream of Wheat Company v. County of Grand Forks

No. 302

Argued April 29, 1920
Decided June l, 1920
253 U.S. 325

ERROR TO THE SUPREME COURT

OF THE STATE OF NORTH DAKOTA

Syllabus

A state may tax a domestic corporation on the excess of the market value of its outstanding stock over the value of its real and personal property and certain indebtedness although the corporation does no business within the state and has there no tangible real or personal property nor any papers by which intangible property is customarily evidenced, and it is immaterial whether the tax be considered a franchise or a property tax. P. 328.

The limitation of the Fourteenth Amendment upon the power of a state to tax the property of its residents which has acquired a permanent situs outside the state does not apply to intangible property even though it has acquired a "business situs" and is taxable in another state. P. 329.

The Fourteenth Amendment does not prevent double taxation. P. 330.

170 N.W. 863 affirmed.

The case is stated in the opinion.