Sec 178 The amount of such franchise tax shall be equal to one per centum of the gross transportation receipts of such corporation, for the year ending June the thirtieth of each year, to be ascertained by the State Corporation Commission, in the following manner: 

(a) When the road or canal of the corporation lies wholly within this State, the tax shall be equal to one per centum of the entire gross transportation receipts of such corporation

(b) When the road or canal of the corporation lies partly within and partly without this State or is operated as a part of a line or system extending beyond this State, the tax shall be equal to one per centum of the gross transportation receipts earned within this State, to be determined as follows:  By ascertaining the average gross transportation receipts per mile over its whole extent within and without this State, and multiplying the result by the number of miles operated within this State provided, that from the sum so ascertained there may be a reasonable deduction because of any excess of value of the terminal facilities or other similar advantages in other states over similar facilities or advantages in this State.

Sec 179 Each corporation mentioned in sections One Hundred and Seventy six and One Hundred and Seventy seven shall annually, on the first day of September, make to the State Corporation Commission the report which the law, in force January the first, nineteen hundred and two, required to be made annually to the Board of Public Works by every railroad and canal company in this State, not exempt from taxation by virtue of its charter, which report shall also show the property taxable in this State belonging to the corporation on the thirtieth day of June preceding, and its total gross transportation receipts for the year ending on that date.  Upon receiving such report the State Corporation Commission shall, after thirty days’ notice previously given, as provided by said law, assess the value of the property not exempt from taxation, of the corporation, and ascertain the amount of the franchise tax and other state taxes chargeable against it.  All taxes for which the corporation is liable shall be paid on or before the first day of December following the provisions of said law, except as changed by this article shall apply to the ascertainment and collection of the franchise, as well as other taxes of such corporations.  Said taxes, until paid, shall be a lien upon the property within this State of the corporation owning the same, and take precedence of all other liens or incumbrances.