Louis Brandeis

“ The statute does not in terms impose a franchise tax as distinguished, or separated, from a tax on personal property, but the Supreme Court of the state construes the tax upon this additional amount as a tax, 'in substance or effect, to some degree at least, upon the privilege of being a corporation,' or, in other words, a tax upon the corporate franchise granted it by the state. Individuals are not required to include in their lists of taxable property any share or portion of the capital stock or property of any corporation which such corporation is required to list. ”

“ The limitation upon the power of taxation does not apply even to tangible personal property without the state of the corporation's domicile, if, like a seagoing vessel, the property has no permanent situs anywhere. ”

“ Bowman v. Wathen, 2 McLean, 376, Fed. Cas. No. 1740; Lewis v. Gainesville, 7 Ala. 85; Dundy v. Chambers, 23 Ill. 369; Reg. v. Cambrian Railway Co., Law Rep. 6 Q. B. 422. Compare Thompson v. Schenectady Ry. ”