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Capital Stock Tax

What does Capital Stock Tax mean in American Law?

The definition of Capital Stock Tax in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

Either (a) a tax imposed on capital stock in the hands of stockholders; or (b) a tax upon the privilege of doing business in corporate form, measured by the amount of capital stock outstanding. The last federal tax of the latter type was repealed in 1945.