Index of Legislation Volume 3

Index of Legislation Volume 3

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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. 1900 edition. Excerpt: ...for the purchase of the good will of a business can not be deducted from the value of its taxable personal property, under 6 of the tax law, which prohibits the deduction of indebtedness incurred in the purchase of nontaxable property, since good will. though it constitutes property, is not taxable as such for general town, county, or municipal purposes. 41 App. div. 617 7 When property of nonresidents is taxable. Nonresidents of the state doing business in the state, either as principals or partners, shall be taxed on the capital invested in such business, as personal property, at the place where such business is carried on, to the same extent as if they were residents of the state. Foreign corporations. Deduction of debts. Foreign corporations are included within the terms of '55 ch. 37. subjecting nonresidents doing business in this state to assessment and taxation on all sums invested in such business. A person or corporation liable to assessment and taxation under this act is not entitled to a deduction of debts. 141 N. Y. 118 When a foreign corporation doing business in this state purchases prop ' erty here for its business and pays cash for a portion of it and promises to pay the balance at a future day, or pays no cash but promises to pay in the future, the amount still due upon the property is to be deducted from the value of the property, to ascertain the " sums invested " in this state, in applying the provision of '55 ch. 37, that all nonresident persons and associations doing business in the state of New York "shall be assessed and taxed on all sums invested in any manner in said business the same as if they were residents of this state." 141 N. Y. 118, limited; 147 N. Y. 31 ...show more

Product details

  • Paperback | 496 pages
  • 189 x 246 x 25mm | 875g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123688275X
  • 9781236882752