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. 1902 Excerpt: ...from its property.1 Further, the capital stock of a corporation is distinct from the shares of its capital stock, which represent or constitute the legal interest of the shareholders in the corporate property;8 consequently, both the capital stock and the shares thereof in the hands of shareholders may be taxed, and ...
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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. 1902 Excerpt: ...from its property.1 Further, the capital stock of a corporation is distinct from the shares of its capital stock, which represent or constitute the legal interest of the shareholders in the corporate property;8 consequently, both the capital stock and the shares thereof in the hands of shareholders may be taxed, and still there be no double taxation.' As Justice Nelson said, giving the opinion of the Federal Supreme Court in Van Allen v. Assessors: "The tax on shares is not a tax on the capital of the bank. The corporation is the legal owner of all the property of the bank.... The interest of the shareholder entitles him to participate in the net profits earned by the bank in the employment of its capital, during the existence of its charter, in proportion to the number of his shares; and upon its dissolution or termination, to his proportion of that which may remain of the corporation after the payment of its debts. This is a distinct independent interest or property held by the shareholder, like any other property that may belong to him."4 1 Wilmington, C. and A. Railroad Company r. Board of Commissioners, 72 X. C. 10. For cases on the valuation of capital stock and franchises, see State Railroad Tax Cases, 92 U. S. 575; Railroad Co. v. Vance, 96 U. S. 450; Railway Co. v. Backus, 154 V. S. 421; Adams Exp. Co. v. Ohio, 166 U. S. 185; Boston & L. R. R. Co. v. Commonwealth, 100 Mass. 399; People r. Equitable Trust Co., 98 K. Y. 387; People e. Coleman, 107 N. Y. 541. When the statute requires the capital stock of a corporation to be assessed at its "actual value," it should be estimated above or below par, according to the fact. Oswego Starch Factory v. Dolloway, 21 N. Y. 449. 1 Farrington v. Tennessee, 95 U. S. 679. 686; New Orleans r...
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Add this copy of A treatise on the law of private corporations. to cart. $33.45, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2010 by Gale, Making of Modern Law.
Add this copy of A treatise on the law of private corporations. to cart. $34.31, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2010 by Gale, Making of Modern Law.
Add this copy of A treatise on the law of private corporations. to cart. $34.31, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2010 by Gale, Making of Modern Law.
Add this copy of A treatise on the law of private corporations. to cart. $35.17, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2011 by Gale, Making of Modern Law.
