Reports of Cases Determined in the Supreme Court of the State of California (Volume 146) (Paperback)

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. 1906. Excerpt: ... the reduction of its assessment on bonds, and failed to ask for any relief in regard to the changes, although it examined the roll and saw what alterations had been made. The board did not adjourn as a board of equalization until July 17, 1899. There is no claim that plaintiff did not own $349,844 of solvent credits, being the amount of loans secured by stocks and bonds, which were assessable as solvent credits (Savings and Loan Soc. v. San Francisco, 131 Cal. 356; San Francisco v. La Societe etc., 131 Cal. 612; Security Sav. Bank. v. San Francisco, 132 Cal. 599), and the court expressly found that it did own such solvent credits. Plaintiff seeks to recover upon the ground that it was assessed in addition to its furniture, franchise, and money, only for "bonds," and not for any solvent credits. It says that there was a valid assessmeut only for bonds in the aggregate sum of $1,753,196, and that such assessment has never been lawfully changed and is still in force. Confessedly an assessment limited literally to bonds could be enforced only to the extent of $220,108, so that if it be determined here that it was never legally assessed for its solvent credits, it will escape payment of taxes upon $349,844, property owned by it and for which it should have been assessed. It must of course be conceded that a valid assessment is essential to the collection of a tax. As said by Mr. Cooley, it is the most important of all proceedings in taxation, is the first step and the foundation of all others. (Cooley on Taxation, 3d ed., p. 597.) As said by this court in Lake County v. Sulphur Bank etc. Co., 66 Cal. 17, 20, "Without an assessment, all subsequent proceedings are nullities; and in making the assessment the provisions of the statute under which it is to be made ...