Texas Attorney General Opinion: V-616 Page: 3 of 4
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Hon. Geo. H. Sheppard, Page 3 (V-616)
CONTINENTAL CARBON
"Since organization in 1937, stock of Continental has been
held by
"30% - Shamrock Oil & Gas Corp.
"20% - Continental Oil Co.
"50%, or less by R. I. Wishnick as trustee under the
Continental Carbon Company Securities Trust.
"At present the holdings are
"50% by Shamrock & Continental Oil
"81% by U. S. Schwartz family
"41% by R. I. Wishnick as Trustee"
At our request you have secured and furnished us a copy
of the contract between the producers and Carbon Black Export,
Inc.
The term "market value" as used in the carbon black pro-
duction tax act is defined in Article 7047(46), V.C.S. as follows:
"The market value of a particular type or grade
of carbon black shall be the average sales price of
that type or grade of all bona fide sales made during
the month on which the tax is being paid less the cost
of packing, freight, and cartage. If no carbon black of
the particular type or grade has been sold during the
month for which the tax is being paid then the actual
market value of the same shall be the average sales
price of that type or grade of all bona fide sales dur-
ing the last preceding month in which a bona fide sale
of that particular type or grade of carbon black was
made, less packing, freight, and cartage."
It will be noted that the market value of each particular
type or grade of carbon black is the average sales price of that
type or grade of all bona fide sales made during the month less
the cost of packing, freight and cartage. The cost of making sales
is not tobe deducted from the sales price in arriving at the mar-
ket value. Although the term "all bona fide sales" is not express-
ly limited to the sales made by each separate producer of carbon
black, it is our opinion that it was the legislative intent to so limit
it. A reading of the entire act and construing it as a whole clearly
reflects such intent. The tax is due and payable on the 25th of
each succeeding month, and is to be reported to the Comptroller
on forms prescribed by the Comptroller and the tax is to be com-
puted by the producer.
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-616, text, June 24, 1948; (https://texashistory.unt.edu/ark:/67531/metapth265435/m1/3/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.