Commonwealth v. DuPont Land Co.

Supreme Court of Pennsylvania July 1, 1916

Commonwealth v. DuPont Land Co., 254 Pa. 446 (Pa. 1916)

98 A. 1047; 1916 Pa. LEXIS 750

Brown, Frazer, Mestrezat, Moschzisker, Potter, Stewart, Walling

Opinion of the Court

Per Curiam,

What the Commonwealth would collect from the Dupont Land Company is a tax on mortgages and accompanying bonds given by the company’s grantor to various mortgagees. In each of the deeds to it for the lands so encumbered by him there is a stipulation that it “assumes and agrees to' pay” the principal and interest of the mortgage indebtedness. The learned president judge of the court below clearly demonstrates that this stipulation in the deeds accepted by the company did not make the mortgages for which the respective properties were encumbered indebtedness of the company within the contemplation of the Act of June 30,1885, P. L. 193, and the judgment is affirmed on the opinion directing it to be entered.

Reference

Full Case Name: Commonwealth v. DuPont Land Company
Cited By: 5 cases
Status: Published
Syllabus: Taxation — Corporate delis — Assessment and collection of tax— Acts of June SO, 1885, P. L. 19S, Sec, 4; June 1, 1889, P. L. 4%0, Proviso 2, Sec. 2; June 8,1891, P. L. 229. . 1. The tax which a corporation is required to assess and collect by the Acts of June 30, 1885, P. L. 193, Section 4; June 1, 1889, P. L. 420, Proviso 2, Section 2, and June 8, 1891, P. L. 229, is that which is due on certificates or evidences of indebtedness which the corporation has itself created and issued. 2. A covenant in a deed conveying real estate to a corporation whereby the corporation agreed to pay a mortgage indebtedness, does not make the mortgages an indebtedness of the corporation within the contemplation of the Act of June 30, 1885, P. L. 193.