New Jersey Law Reports Volume 74
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. 1908 edition. Excerpt: ... Vroom. Lippincott v. Lippincott, Collector. It has been held by the Supreme Court of the United States that national bank shares are liable, under the acts of congress, to state taxation, although the entire capital of the bank is invested in United States bonds; that bank shares represent proprietary interests distinct from that of the capital stock. People v. Commissioners, 4 Wall. 244; Lionberger v. Rouse, 9 Id. 468; Mereantile Bank v. New York, 121 U. S. 138. In Eransrille Bank v. Britton, 105 U. S. 322, it was held that under certain limitations national bank shares are taxable with exclusive reference to their value, and without regard to the nature of the property held by the bank as a corporation. In our own state it was held that owners of national bank stock were to be taxed thereon at its true value and that in ascertaining the true value of such shares for the purpose of taxation, our then existing laws (the Tax act of 1869, Pamph. L., p. 1149, and the Bank act of 1899, Pamph. L., p. 431) did not require that non-taxable property of banks should be deducted from their assets. Mechanics National Bank v. Baker, 36 Vroom 113; affirmed, Id. 549. But the prosecutor in this case contends that the reduction claimed is allowed by an act of the legislature, entitled "A supplement to an act entitled 'An act for the assessment and collection of taxes, ' approved April eighth, one thousand nine hundred and three," approved May 11th, 1905 (Pamph. L., p. 457), which provides as follows: _ "1. In assessing the shares of stock of banks or banking associations organized under the laws of this state or of the Ilnited States, the assessor shall allow all the deductions and exemptions granted by law from the value of other...
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