Section 16
SEC. 16. The grantee, its successors or assigns, shall be liable to pay the same taxes on their real estate, buildings, and personal property, exclusive of the franchise, as other persons or corporations are now or hereafter may be required by law to pay. The grantee, its successors or assigns, shall further pay the Collector of Internal Revenue each year, and pursuant to the regulations of the Bureau of Internal Revenue one and one-half per centum of its share of the gross receipts for business transacted under this franchise, and said percentage shall be in lieu of all other taxes on the franchise or earnings thereof.