James Clark McReynolds

“ It is an excise for the privilege of having a place of business under the protection of our laws and with the financial, commercial and other advantages flowing therefrom, measured solely by the property and net income fairly attributable to the business done here by a foreign corporation. ”

“ The statute (G. L. Mass. c. 63, § 39) provides that 'every foreign corporation shall pay annually, with respect to the carrying on or doing of business by it within the commonwealth, an excise equal to the sum of * * * five dollars per thousand upon the value of the corporate excess employed by it within the commonwealth' and 'two and one-half per cent. of that part of its net income * * * which is derived from business carried on within the commonwealth:' Provided that the total tax shall be not less than an amount equal to one-twentieth of 1 per cent. ”

“ The tax upon the petitioner in substance and effect, so far as concerns the factor of its corporate excess employed within the commonwealth, is levied upon its tangible personal property within the commonwealth, upon the credits due it from debtors within this commonwealth, and upon the exercise of its franchise within this commonwealth, and, so far as concerns the factor of its income, upon the net income derived from business in this commonwealth after all losses and expenses have been paid. ”