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case of short-lived mines, the present value should be estimated according to the ratio between the income of the mine under consideration and that of a mine of the same type which has been regularly inspected and appraised.

4. When the state constitution permits taxes upon income and progressive taxation, the tax should be graduated, not upon total income but upon the percentage of earnings on the cost of the mine or on the paid-in capital of the corporation.

5. Mines should be taxed for both state and local purposes, the local rate being limited by state law.

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