Report of Cases Determined by the Supreme Court of Appeals of West Virginia Volume 60

Report of Cases Determined by the Supreme Court of Appeals of West Virginia Volume 60

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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. 1907 edition. Excerpt: the chapter of the legislative acts providing for the assessment of property, is emphatically against taxation of the capital of a corporation in its name and the stock of that corporation in the hands of the holders of its shares at the same time. While such taxation may not be inhibited by the constitutional requirement of equality and uniformity in taxation, it is plain that the legislature deems unwise and impolitic. Technically it may not be double taxation, but practically it is. Therefore, the legislature has expressly exonerated the shareholder when the capital stock or property of the corporation in which his shares are held has been assessed. Section 29 does not say whether the status of a bank as the holder of stock in another corporation shall be the same as that of anatural person or not. It requires the capital, surplus and undivided profits to be taxed after making certain deductions, in which is included property exempt from taxation. Shares of corporation stock are not exempt from taxation in the ordinary legal sense of the terms, for they are to be taxed in the name of the owner along with his other personal property, if the corporation does not cause itself to be taxed with its property or capital stock. Still it is conditionally exempted in the case of natural persons, and may be so exempted in the case of banks Without destroying or impairing so much of the tax imposed 119" them as may be regarded in any sense as founded 11D0I1 the banking franchise. To illustrate, let us suppose a bank, the capital stock, surplus and undivided profits of which, have an aggregate value of $150,000.00 and all the pr0P9Tl?Y of which, except the franchise, has an aggregate value of $145,000.00. If $10,000.00 of that...
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Product details

  • Paperback | 280 pages
  • 189 x 246 x 15mm | 503g
  • United States
  • English
  • black & white illustrations
  • 1236755766
  • 9781236755766