James Clark McReynolds

“ Great weight attaches to the decision of a state court regarding questions of taxation or exemption therefrom under the constitution or laws of its own state. Jetton v. University of the South, 208 U.S. 489, 499, 28 S.C.t. ”

“ Does the exemption include land held by the college as a part of its endowment?
'The endowment of a college is commonly understood as including all property, real or personal, given to if for its permanent support. If the terms is to be so defined here, then practically all of the land which the corporation can hold 'for the benefit of the college' will be exempt, for all of such property must necessarily be of one of two classes: First, the campus and grounds on which the college buildings are situated ”

“ Two improved pieces of land on Capitol street, in the city of Jackson, were donated to the corporation, as recited by the deeds of conveyance, 'in consideration of the aid thereby to be given to the endowment of Millsaps College.' They constitute no part of the 'building site and campus' and are carried on the productive endowment account at proper valuations. The buildings are rented and the revenue derived therefrom is used to defray operating expenses of the college and for no other purposes. ”