Report to the Governor

Report to the Governor

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1916 edition. Excerpt: ... twelve thousand dollars an acre for it, and then they dropped down, and I think finally compromised on seven; and the entire eighteen acres is assessed for five thousand dollars. Mr. Berry: Is that Nick McCarty? Mr. Dunn: No; Ensley and others. On the average, do you think taking the whole average that real estate in Center Town ship and everything else is assessed that is on the tax duplicate, that the average is over fifty per cent of its value? Mr. Berry: On real estate I think about fifty per cent, some seventy-five, some sixty, some forty. I think the average is fifty per cent. Mr. Br(x)kshhre: Suppose a bank is capitalized at one hundred thousand dollars, and has undivided profits and surplus of fifty thousand. How much is it assessed? Mr. Berry: It would be assessed at seventy-five per cent of that. Mr. Brookshire: If there was five hundred thousand dollars of deposit, it is not taxed on that? Mr. Berry: No. The individual is taxed on that. Mr. Brookshire: Do the banks list mortgages of individuals, do they give them in t Mr. Berry: I don't suppose they do. They sell those. They loan you two thousand on a piece of property, and they sell the mortgage. Mr. Brookshire: The individual gives the mortgage in? Mr. Berry: Yes. Mr. Brookshire: Do the banks give the mortgages in, or the trust companies. Mr. Berry: No; they turn in their capital stock, surplus, and undivided profits, and they are assessed on that. The individual is taxable on the money in bank. Mr. Dunn: Banks report loans and discounts. Mr. Berry: Yes, in gross. Mr. Dunn: The law provides they shall deduct their deposits. Mr. Berry: Yes. Chairman Elder: If I borrow five thousand dollars from you, that is a plain, straight transaction. Mr. Berry: Yes. Chairman Elder: That is a...show more

Product details

  • Paperback | 102 pages
  • 189 x 246 x 5mm | 195g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236578252
  • 9781236578259