Mb. Justice Brandéis delivered the opinion of the Court. The Constitution of North Carolina (Article V, § 3, as amended January 7, 1921) authorizes the General Assembly to tax incomes at a rate not exceeding six per cent. The Income Tax Act of March 8, 1921 (Revenue Act, c. 34, Schedule D, §§ 100-904, as amended by c. 35, Public Laws 1921) laid upon corporati…
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