The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 6

The American and English Corporation Cases; A Collection of All Cases Affecting Corporations of Every Kind, Other Than Municipal and Railroad, Decided by the Courts of Appellate Jurisdiction in the United States, England, and Volume 6

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1897 edition. Excerpt: ...the company possesses.--its intangible property. Now, it is a cardinal rule, which should never be forgotten, that whatever property is worth for the purposes of income and sale it is also worth for purposes of taxation. Suppose such a bridge were entirely I within the territorial limits of a state, and it appeared that the bridge itself cost only $1,277,000, could be reproduced for that sum, and yet it was so situated with reference to railroad or other connections, so used by the traveling public, that it was worth to the holders of it, in the matter of income, '$2,900,000, could be sold in the markets for that sum, was therefore in the eyes of practical business men of the value of $2,900,000, can there be any doubt of the state's power to assess it at that sum, and to collect taxes from it upon that basis of value? Substance of right demands that, whatever be the real value of any property, that value may be accepted by the state for purposes of taxation, and this ought not to be evaded by any mere confusion of words. Suppose an express company is incorporated to transact business within the limits ofa state, and does business only within such limits, and, for the purpose of transacting that business, purchases and holds a few thousands of dollars' worth of horses and wagons, and yet it so meets the wants of the people dwelling in that state, so uses the tangible property which it possesses, so transacts business therein. that its stock becomes in the markets of the state of the actual cash value of hundreds of thousands of dollars. To the owners thereof, for the purposes of income and sale, the corporate property is worth hundreds of thousands of dollars. Does substance of right require that it shall pay taxes only upon...show more

Product details

  • Paperback | 282 pages
  • 189 x 246 x 15mm | 508g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236783654
  • 9781236783653