REVENUE AND TAXES 3039

This section referred to in construing act of 1916, ch. 508, applicable to Carroll
County. Hess v. Westminster Savings Bank, 134 Md. 128.

This section referred to in Hyattsville v. C. & P. Tel. Co., 131 Md. 596.

See also Thompson v. Henderson, 155 Md. 674; State Tax Commn, v. Life Ins. Co.,
150 Md. 381.

167. In making apportionment between Havre de Grace and Harford County under
sec. 167 (old), rate to be considered was that of county outside of city, rather than
county rate within city. Havre de Grace v. Rouse, 155 Md. 218.

The requirement that the stock of a corporation shall not be valued at less than the
full value of its real estate and chattels does not result in double taxation, since
valuation of real estate is deducted before final valuation of stock for assessment.
Power Co. v. Tax Commission, 159 Md. 359.

The decision of the State Tax Commission is final on all questions of fact (decided
under sec. 166 before amended by ch. 226, 1929). Power Co. v. Tax Commission,
159 Md. 351.

Sec. 166 (old) referred to in construing sec. 7, sub-sec. 26 (new) and sec. 259 (old)
of art. 81. Steam Packet Co. v. Baltimore, 161 Md. 15.

Tax on capital stock of corporation based on assessment equal to value of personal
property within the State was sustained. Susquehanna Power Co. v. Tax Commission,
283 U. S, 297.

This section referred to in holding that national bank shares held by R. F. C.
was not exempt under sec. 7. Tax Commission v. Balto. National Bank, 169 Md. 65.

Taxable intangible personal property of a partnership is assessable to the partnership
in the political sub-division where it has its seat of business and to the individual
partners where they reside. McLane v. State, 156 Md. 133.

An. Code, 1924, secs. 166, 166A and 167, 1912, secs. 162 and 162A. 1904, sec. 159. 1888,

sec. 141. 1878, ch. 178. 1880, ch. 20. 1896, ch. 120. 1914, ch. 528.

1929, ch. 226, sec. 16. 1939, ch. 387, sec. 10.

16. (a) In computing the assessable value of shares of stock in do-
mestic finance corporations, the State Tax Commission shall proceed in
the same manner as prescribed in Section 15, except (1) that the property
and business outside of this State shall be excluded, to the end and intent
that so much only of the value of the shares as represents business done
in Maryland shall be taxed, and (2) that in apportioning the value of the
shares between the business within and without Maryland, it shall be
presumed in the absence of clear evidence to the contrary that the value
of the property and business within Maryland bears to the value of the
total business and property the same ratio which the gross receipts or
earnings in Maryland (exclusive of income from permanent investments)
bears to the total gross receipts or earnings (exclusive of income from
permanent investments). All taxes assessed under this section shall also
be subject to the provisions of paragraph (e) of Section 15.

(b) The assessment of so much of the capital stock of foreign finance
corporations doing business in Maryland as represents the business done
in this State shall be computed in the same way as the assessment of the
shares of stock of domestic finance corporations, the intention being that
a foreign finance corporation doing business in Maryland shall be assessed
on its own account in the same amount as it would have been assessed,
on account of its shareholders, if it were a domestic corporation. Assess-
ment of capital stock of foreign finance corporations under this section
shall not exempt such corporations or their shareholders from any taxes
which would otherwise be payable, except ordinary taxes on the tangible
personal property of such corporations.

See notes to sec. 15.

1929, ch. 226, sec. 19. 1939, ch. 387, sec. 11.

17. As soon as possible after making any assessments of property the
State Tax Commission shall apportion such assessments among the coun-