Opinions of the Attorneys-General of the State of Georgia from Jan. 1, 1881, to Jan. 1, 1904 (Paperback)

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. 1904 edition. Excerpt: ...corporations may tax in the ratio of taxation of like property. Any property includes all property; the railroad and appurtenances are property, and it is perfectly consistent for the State by the contract to commute the tax for itself at a given rate, and reserve the right to counties and cities to tax as other similar property is taxed by each. Indeed, by such a clause the right could and would be reserved; without it, the limit of taxation is fixed. If we give to this section the meaning that the reservation of the right of municipal and other corporations to tax applies only'to property other than railroad and the appurtenances, the entire section would then have exactly the same meaning and effect as if the reservation of the right was entirely and literally omitted.. It has, however, been further said that the clause in this section which provides that "no municipal or other corporations shall have the power to tax the stock of said company," means that they shall not have the power to tax the "railroad and appurtenances," because this stock includes the property of the corporation, necessary for its business. Theie are in general four methods of taxing corporate interests: First--Tax on franchise. Second--Tax on capital stock. Third---Tax on real and personal property of the corporation. ' Fourth--Tax on shares of stock in the hands of stockholders, and it is within the discretion of the Legislature to tax the corporation in two or more ofthese ways, and to levy a double, treble or quadruple tax on the corporate interests. Cook on Stock and Stockholders and Corporation Law, chap. 34; Red on Railways, vol. 2, p. 453; 81st Ill. 111, 556; Heisk, 663, 795. The Legislature might impose (unless restricted by the...