California Supreme Court January 29, 1943, Sac. 5541 (H. A. S. Loan Service, Inc. v. McColgan)

CARTER, J.

— A tax at the rate of 8 per cent on the net income of plaintiff corporation was levied hy the State of California for the year, August 31, 1936, to August 31, 1937, pursuant to the Bank and Corporation Franchise Tax Act. (Stats. 1929, p. 19, as amended in 1935; Deering’s Gen. Laws, 1937, Act 8488.