Marvin Mandel, Governor                       1119

The equitable owner of shares held in trust by a resident trustee,
shall be deemed the owner of the shares, and his residence deter-
mined as of the date of finality.

(4)—All operating property located in this State of railroads and
contract carriers and other operating transportation property of
persons [of] or firms engaged in interstate commerce subject to the
jurisdiction of the United States Commission on Interstate Commerce
(except motor vehicles and other mobile operating property not per-
manently located in this State of persons or firms who are not resi-
dents of this State), in the counties and/or cities to which the value
thereof is apportioned under Section 16.

(5)—All operating property located in this State of public util-
ities and transportation property (except motor vehicles and other
mobile operating property not permanently located in this State of
common and [contact] contract carriers by motor vehicles who are
not residents of this State and except any transportation property
embraced within sub-classification (4) hereinabove) in the counties
and/or cities to which the value thereof is apportioned under Section
16.

(6)—The stock in business of every person, firm or corporation
engaged in any manufacturing or commercial business in this State,
which shall be deemed permanently located in the county and/or
city where such business is carried on.

(7)—No leasehold or other limited interest in real or tangible
personal property shall be subject to taxation except the following
which shall be subject to taxation in the same amount and the same
extent as though the person in possession or the user thereof were the
owner of such property.

(a)    The interest of a tenant under a ninety-nine year lease of
real property within this State, whether or not renewable, or under
a lease for a shorter term which is perpetually renewable.

(b)    The interest of life tenant or the owner of any other free-
hold estate in real or tangible personal property within this State;

(c)    The interest of a mortgagor or grantor under a deed of trust
in real property within this State;

(d)    The interest of a mortgagor, pledgor or conditional sale
vendee in tangible personal property within this State;

(e)    The interest or privilege of any lessee, bailee, pledgee, agent
or other person in possession of or using any real or personal prop-
erty which is owned by the federal or state governments, and which
is leased, loaned, or otherwise made available to any person, firm,
corporation, association, or other legal entity, with the privilege to
use or possess such property in connection with a business con-
ducted for profit, except where the use is by way of a concession
for occupancy of a public airport, park, market, or fairground, which
is available to the use of the general public, shall be subject to tax-
ation in the same amount and to the same extent as though the lessee
or user were the owner of such property, provided, that the fore-
going shall not apply to federal or state property for which negoti-
ated payments are made in lieu of taxes by any of the aforesaid
owners, nor shall it apply to any personal property which is owned
by the federal or state governments and which is in the possession