REVENUE AND TAXES. 1015

stock which does no part of its business in this State, shall be deemed an
ordinary business corporation.

(10) The phrase "finance corporation" shall include finance, credit, in-
vestment banking, investment trust, mortgage and commercial banking cor-
porations, and any corporation other than banks or trust companies sub-
stantially competing with national banks in this State.

(11) The word "city" shall include an incorporated city, incorporated
town or incorporated village; and, where special rates of taxation apply
in any assessment district or part of a county or city, shall include such
assessment district or part of a county or city.

(12) The word "taxpayer" shall include any person or persons paying
or liable to pay any tax, or against whom any liability for taxes is claimed
or asserted, or could be claimed or asserted, whether on his own behalf or
on behalf of others, as, for example, a corporation on behalf of its share-
holders.

(13) Real Estate shall include leaseholds, unless such construction,
would be unreasonable.

(14) Mortgages shall include instruments in the nature of mortgages
and debts secured thereby, but not securities mentioned in Section 6(3) of
this Article.

(15) The phrase "residents of this State" shall include domestic ordi-
nary business corporations doing business in this State, and domestic cor-
porations having no capital stock, and all domestic corporations (except
ordinary business corporations not doing business in this State) whose
shares of stock are by law exempt from taxation under this Article or
which have no capital stock.

(16) The phrase "county and/or city taxes" shall include taxes levied
in or for any taxing district, or part of any county or city, but not taxes
levied in consideration of local improvements upon property specially
benefit thereby.

(17) A domestic corporation which is a resident of this State shall be
deemed a resident of the county and/or city in which its principal office
shall be situated.

(18) A foreign corporation doing business in this State shall in respect
to intangible property used in or in connection with its business in this
State, including property held in trust for a resident of this State, be
deemed a resident of the county and/or city in which its principal office in
this State is situated.

(19) Railroads worked by steam shall include any railroad operated by
steam on the 30th day of March, 1906, even though such railroad has
changed, or shall hereafter change its motive power in whole or in part to
electricity or other motive power.

(20) The phrase "principal office" as applied to a domestic corpora-
tion shall mean the office, if any, in this State from which its business is
actually directed and managed, or if there be no such office, then the place
in this State where the principal business of the company in this State is.