§ 554. South Carolina. There is no franchise tax. A corporation pays a tax upon its capital stock or other property within the State, like an individual. This appears to include all tangible and intangible property of the corporation. "Any corporation organized under the laws of this State and owning property in another State shall not be required to return its capital for taxation in this State, but shall return such property as it owns in this State, and such proportion of the value of its other property as would be taxable in this State if owned by the individual residents thereof; and if such return be made by such corporation the shareholders therein shall not be required to return their shares for taxation." 371 "A corporation organized under the laws of the State but owning no property therein shall not be required to return its capital for taxation in this State." 372 Taxable property includes all real and personal property in this State, and personal property of residents temporarily kept or used outside the State, all moneys, credits, investments in bonds, stocks, joint-stock companies or otherwise of parties resident in this State.373 § 555. South Dakota. There is no franchise tax. The real and personal property of each company are listed and assessed the same as other property. The officers of corporations shall return the amount of stock authorized and paid up and the number of shares, the market or actual value of the shares, the total indebtedness (except indebtedness for current expenses), the value of its real property, and the value of its personal property. The aggregate amount of the last three items shall be deducted from the total value of the capital stock, and the remainder listed as "stock." The tangible property of the corporation, 371 S. Car. Code, §§ 268, 304. 372 Ibid. 373 S. Car. Code, § 260, whether real or personal, is listed as such.374 The capital stock and franchises of the corporation are listed at their principal office, or if there is no principal office in the State, then where the corporation transacts business.375 $556. Tennessee. There is no franchise tax. Ordinary corporations pay an ad valorem tax on their property. The real estate and tangible personalty of any corporation is assessed in the same mode and manner (and where situate) as other real estate and tangible personalty.376 And mercantile corporations are specifically required to pay an ad valorem tax on the capital invested in the business equal to that levied on other taxable property." 377 Foreign corporations are liable to taxation, like domestic corporations, but at no higher rate.378 Foreign corporations having branch factories or business in this State shall only be assessed on the actual cash value of the corporate property in this State; provided, however, the franchise and intangible values of the corporation in this State shall be included in the valuation of the corporate property in the State.379 Intangible property is assessed as follows: "All corporations, foreign or domestic (except railroad, telegraph, telephone, building and loan, insurance, manufacturing and banking companies) shall pay an ad valorem tax upon the actual cash value of its corporate property (including its franchises, easements, incorporeal rights and privileges and all other corporate property), which said value shall not be assessed at less than the aggregate actual cash value of both its shares of stock and bonded debt; and which said value shall be computed by looking to and considering the market value, and if no market 374 S. Dak. Stat. § 2154. The provision for deducting the indebtedness in the similar statute of Minnesota was held unconstitutional. 375 S. Dak. 1901, ch. 55, § 8. 378 Tenn. 1901, ch. 174, § 22. 377 Ibid. § 27. 378 Tenn. Code, § 1998. 370 Tenn. 1901, ch. 174, § 24. value, the actual value of such stock and bonds of the corporation: provided, however, that the assessment and taxation of said corporate property or capital stock shall be in lieu of any assessment or taxation of the shares of stock or bonds, either to the corporation or to the owners thereof; and provided also that the assessed value of the corporate realty and tangible personalty otherwise assessed, shall be deducted in making the assessment from the value of the corporate property or capital stock. . . . The value of the capital stock or corporate property, as used in this section, shall be construed as including all tangible and intangible and franchise values." 380 For assessing corporate property an officer of corporation fills out a schedule containing: 1. Amount of stock authorized, number of shares, amount paid up and number of shares issued. 2. Market or actual value of shares. 3. Amount of outstanding bonded debt, if any, and rate of interest. 4. Market or actual value of such debt. 5. Dividends paid in the last two years, and surplus. 6. Itemized statement of all tangible personal and real property in each county, etc. 7. Itemized statement of all stocks and bonds, securities, notes, accounts, and choses in action . . . moneys on hand or on deposit, wherever situated.381 A license fee is also exacted of mercantile corporations, which are required to pay a "privilege tax " of one-tenth of one per cent., but not less than five dollars.382 $ 557. Texas. There is both a franchise and a property tax. Personal property, for purposes of taxation, includes "all stock in . . . corporations (except national banks) out of the State, owned 380 Ibid. § 22. 381 Ibid. 382 Code, 711. by inhabitants of this State; all personal estate of moneyed corporations, whether the owners thereof reside in or out of this State." 383 Such personal property consists of "moneys, credits, bonds or stock of companies (when the property of such company is not assessed in this State), moneys loaned or invested, annuities, franchises, royalties and all other properties." "' 384 The Constitution 385 provides that the legislature "may impose occupation taxes, both upon natural persons and upon corporations, other than municipal, doing any business in this State . . . provided that the occupation tax levied by any county, city or town, for any year, on persons or corporations pursuing any profession or business shall not exceed one-half of the tax levied by the State for the same period on such profession or business." Under this provision the legislature has exacted a franchise tax of every corporation, domestic and foreign, as follows: "Each and every private domestic corporation heretofore chartered under the laws of this State shall pay to the Secretary of State an annual franchise tax of ten dollars on or before the first day of May of each year; and every such corporation which shall be hereafter chartered under the laws of this State shall also pay to the Secretary of State an annual franchise tax of ten dollars, the tax for the first year to be paid at the time such charter is filed, and the Secretary of State shall not be required or permitted to file such charter until such tax is paid, and each succeeding tax shall be paid on or before the first day of May of each year thereafter; provided, that any such corporation having an authorized capital stock of over fifty thousand dollars and less than a hundred thousand dollars, shall pay an annual franchise tax of twenty dollars; and every such corporation having an authorized capital stock of one hundred thousand dollars and less than two hundred thousand dollars, 383 Tex. Rev. Stat. Art. 5063. 384 Ibid. Art. 5067. 385 Art. VIII, § 1. shall pay an annual franchise tax of thirty dollars; and every such corporation having an authorized capital stock of two hundred thousand dollars or more shall pay an annual franchise tax of fifty dollars. Each and every foreign corporation heretofore authorized to do business in this State under the laws of this State shall, on or before the first day of May of each year, and each and every such corporation which shall hereafter be so authorized to do business in this State, shall, at the time so authorized, and on or before the first day of May of each year thereafter, pay to the Secretary of State the following franchise tax: Every such corporation having an authorized capital stock of twenty-five thousand dollars or less, an annual franchise tax of twenty-five dollars; every such corporation having an authorized capital stock of more than twenty-five thousand dollars and not exceeding one hundred thousand dollars, an annual franchise tax of one hundred dollars; every such corporation having an authorized capital stock of over one hundred thousand dollars, an annual franchise tax of one hundred dollars, and in addition thereto an annual franchise tax of one dollar for every ten thousand dollars of authorized capital stock over and above one hundred thousand dollars and not exceeding one million dollars; and if such authorized capital stock exceeds one million dollars, then such corporation shall pay a still further additional tax of one dollar for every one hundred thousand dollars over and above one million dollars. Any corporation, either domestic or foreign, which shall fail to pay the tax provided for in this article at the time specified herein, shall, because of such failure, forfeit its right to do business in this State, which forfeiture shall be consummated, without judicial ascertainment, by the Secretary of .State entering upon the margin of the ledger kept in his office relating to such corporations, the word, 'Forfeited,' giving the date of such forfeiture, and any corporation whose right to do business may be thus forfeited shall be denied the right to sue or defend in any of the courts of this State, and in any suit against such corporation on a cause of action arising be |