Taxation—Assessment of Corporate Franchise—Market Value of Stock as Basis of Assessment.—A proper method for ascertaining the value of the franchise of a corporation to be a corporation is to deduct from the aggregate market value of its shares the value of its tangible property, taking the difference as the value of the franchise.

Id.—Excessive Valuation not Evidence of Fraud. — An excessive valuation of such a franchise is not by itself alone evidence of fraud, and any inference or presumption of fraud arising from merely excessive valuation is repelled by proof that the valuation was arrived at by such method.

Id.—Market Value Synonymous with Full Cash Value—Market Value Law Determined. •—• The market value of the stock of a corporation on a given day is synonymous with “value” and “full cash value” defined by section 3617 of the Political Code, and in the absence of exceptional or extraordinary conditions giving an abnormal value to the stock on the first Monday in March, the assessor may take its market value on that day as representative of its then full cash value.

Id.—Failure :o Assess Franchises of Other Corporations and Foreign Corporations..—A domestic corporation whose franchise to be a corporation has been so assessed is not relieved from the payment of the tax levied thereon from the fact that the franchises of other like corporations escaped like assessments, nor is such a tax discriminatory against domestic corporations in that it is not levied against the franchises of foreign corporations.

Id.—Franchises of Foreign Corporations not Assessable in this State.—Such corporate franchise is to be assessed at the principal place of business of the corporation, and as the principal place of business of a foreign corporation is without the state its franchise cannot be assessed herein.