We held that the power to tax intangibles was not restricted to one State whether "we regard the right of a state to tax as founded on power over the object taxed, as declared by Chief Justice Marshall in McCulloch v. Maryland, 4 Wheat. (U.S.) 316, 4 L.Ed 579, supra, through dominion over tangibles or over persons whose relationships are the source of intangible rights; or on the benefit and protection conferred by the taxing sovereignty, or both. Id. 307 U.S. pp. 367, 368, 83 L.Ed. 1347, 1348, 59 S.Ct. 900, 123 ALR 162. [Tax Commission v. Aldrich, 316 U.S. 174, 178] [86 L.Ed. 1358, 1369 (1941)] # # #
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Tax Commission v. Aldrich