NELSON, JUSTICE.
This is a proceeding commenced by the state of Minnesota against P.K.M. Electric Co-operative, Inc., as taxpayer, to enforce payment of alleged delinquent personal property taxes for the years 1948, 1949, and 1950, assessed against taxpayer's personal property upon an ad valorem basis. The matter came on for trial before the district court in the city of Warren, Minnesota, June 14,
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