Legislation Bulletin Volume 11; No. 15 (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. 1900 Excerpt: ...of any bridge, turnpike, or canal company are collected in several tax districts, the company shall be assessed in the tax district in which the treasurer or other officer authorized to pay the last preceding dividend resides. - 12 Taxation of corporate stock. The capital stock of every company liable to taxation, except such part of it as shall have been excepted in the assessment roll or shall be exempt by law, together with its surplus profits or reserve funds exceeding 10# of its capital, after deducting the assessed value of its real estate, and all shares of stock in other corporations actually owned by such company which are taxable upon their capital stock under the laws of this state, shall be assessed at its actual value. Capital stock defined. Basis of valuation. Franchise exempt. The property of every stock company consists of three things, its capital, existing in money or property, its surplus, if any, and its franchise. These which are several in the ownership of the company are united in the ownership of the shareholders, and the share stock or capital stock as owned by the shareholders covers all three. The phrase "capital stock" in the provision of the act of 1857 in relation to taxing incorporated companies C57 eft. 456 3), means not the share stock, but the capital owned by the corporation, the fund required to be paid in and kept intact as the basis of the business enterprise. In taxing corporations, therefore, under said act the subject of valuation and assessment is never the share stock, but always the company's capital and surplus which should be assessed at it actual value when that is known or can be ascertained. 126 N. Y. 433 It is not the value of the capital stock, but the value of the capital that ...