Taxation of Corporations Volume 6

Taxation of Corporations 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. 1915 edition. Excerpt: ... St. L. & N. O. R. Co., 105 S. W. Rep., 127 (1907). The subsidiary companies of the C. & O. Ry. system in Kentucky have been consolidated into a Kentucky corporation, which is the property of the Virginia corporation. The court said: "Every dollar's worth of tangible property owned by it has been taxed as the tangible property of the Virginia corporation, and every dollar's worth of intangible property owned by it has been taxed to the Virginia corporation, and constitutes a part of the intangible property of the Virginia corporation. To assess the Virginia corporation upon its intangible property, and then to assess the Kentucky corporation upon its intangible property, which was necessarily included in the first assessment, would be simply to tax the same property twice." Commonwealth 12. C. & O. Ry. Co. in Ky., 131 Ky., 661 (1909). It is proper for the board of valuation and assessment to consider railroad lines controlled by stock ownership, though operated by their own organizations, in fixing the franchise of the controlling company. Commonwealth "u. Louisville & Nashville R. R. Co., 149 Ky., 829 (1912). Stats., secs. 4077-84, 4090. No assessment of intangible values is made if the tangible property assessment covers the full value of the company 's property. Interview with state tax officials, October, 1914. b The method of assessing intangible values is constitutional. The court further said: "We are constrained to say that by this term 'capital stock' the legislature meant to include the entire property, real and personal, tangible and intangible, assets on hand, and its franchise as well; and that, when so embraced and construed and valued as an entirety, more

Product details

  • Paperback | 154 pages
  • 189 x 246 x 8mm | 286g
  • United States
  • English
  • black & white illustrations
  • 1236862953
  • 9781236862952