Appeal from the Order of the Board of Finance and Revenue in case of Appeal of First National Bank & Trust Company of Bethlehem, No. R-24613.
Alan M. Black, with him Efron, Black & Epstein, for appellant.
Edward T. Baker, Deputy Attorney General, for appellee.
President Judge Bowman and Judges Crumlish, Jr., Kramer, Wilkinson, Jr., Mencer, Rogers and Blatt. Opinion by President Judge Bowman.
[ 11 Pa. Commw. Page 176]
This is an appeal by the First National Bank & Trust Co. of Bethlehem from a determination of the Board of Finance and Revenue sustaining resettlement of appellant's shares tax liability for the year 1968 by the taxing authorities. Appellant then timely appealed to this Court.
The parties have filed a stipulation of facts which dispensed with the necessity for a trial by jury under the provisions of the Act of April 22, 1874, P.L. 109, 12 P.S. § 688.
From the stipulation we make the following
1. Appellant was at all times material hereto a banking corporation organized under the laws of the United States of America on December 1, 1863, with its principal office in Bethlehem, Pennsylvania.
[ 11 Pa. Commw. Page 1772]
. On March 6, 1969, appellant timely filed its Pennsylvania Shares Tax and Loan Tax Report as of January 1, 1969, showing a liability for the shares tax as of January 1, 1969 (based on a tax rate of 10 mills), of $76,570.38.
3. Said return was filed entirely in accordance with the cash basis of accounting, on which basis appellant had filed all prior such returns.
4. On June 24, 1969, the Department of Revenue settled appellant's shares tax as of January 1, 1969, indicating a liability of $79,436.15 (based on a tax rate of 10 mills).
5. On September 23, 1969, a timely petition for resettlement was filed with the taxing authorities.
6. On April 8, 1970, the Department of Revenue resettled appellant's shares tax as of January 1, 1969, indicating a liability of $103,254.00 (based on a tax rate of 13 mills). This resettlement was approved by the Department of Auditor General on April 13, ...