277 Pa. 6 | Pa. | 1923
The Weirton Steel Company, a corporation of the State of West Virginia, duly registered in the office of the secretary of the Commonwealth, on March 5, 1920, purchased a tract of coal land in Payette County, this State, for the sum of $2,000,000, payable $300,000 cash and the balance in fifteen equal annual installments evidenced by 1,700 bonds payable to bearer and secured by a purchase-money mortgage on the property. The Commonwealth settled an account for bonus against the corporation, based on the purchase price of $2,000,000. The company concedes liability if charged on $300,000. The court below sustained the claim of the Commonwealth and from judgment entered in its favor defendant appealed.
We are in accord with the conclusion reached by the court below and affirm its judgment on the following extracts from the opinion of the learned president judge of that court. “It has been settled by a number of decisions in this court that the word ‘capital’ as used in the bonus Act of May 8,1901, means property or assets employed in the State, and that the bonus is not determined upon the proportionate value of the company’s capital stock here employed......It therefore follows that de
The judgment is affirmed.