119 U.S. 129 (1886), Home Ins. Co. v. City of New York

Citation:119 U.S. 129, 8 S.Ct. 1385, 30 L.Ed. 350
Party Name:HOME INS. CO. v. STATE OF NEW YORK. [1]
Case Date:November 15, 1886
Court:United States Supreme Court
 
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Page 129

119 U.S. 129 (1886)

8 S.Ct. 1385, 30 L.Ed. 350

HOME INS. CO.

v.

STATE OF NEW YORK. 1

United States Supreme Court.

November 15, 1886

Error to the Supreme Court of the State of New York.

[8 S.Ct. 1385] Action by the state of New York to recover of the Home Insurance Company

a tax imposed on the company, under the provisions of the act of the legislature of that state of June 1, 1880, (Laws 1880, c. 542,) as amended by the act of May 26, 1881, (Laws 1881, c. 361.) The following are the material provisions of the act of 1881 relating to the controversy:

'Section 1. Chapter five hundred and forty-two of the Laws of eighteen hundred and eighty, entitled 'An act to provide for raising taxes for the use of the state upon certain corporations,

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joint-stock companies, and associations,' is hereby amended so as to read as follows:

"Section 1. Hereafter it shall be the duty of the president or treasurer of every association, corporation, or joint-stock company liable to be taxed on its corporate franchise or business, as provided in section three of this act, to make report in writing to the comptroller, annually, on or before the 15th day of November, stating specifically the amount of capital paid in, the date, amount, and rate per centum of each and every dividend declared by their respective corporations, joint-stock companies, or associations, during the year ending with the 1st day of said month. In all cases where any such corporation, joint-stock company, or association shall fail to make or declare any dividend upon either its common or preferred stock during the year ending as aforesaid, or in case the dividend or dividends made or declared upon either its common or preferred stock during the year ending as aforesaid shall amount to less than six per centum upon the par value of the said common or preferred stock, the treasurer and secretary thereof, after being duly sworn or affirmed to do and perform the same with fidelity, according to the best of their knowledge and belief, shall, between the 1st and 15th days of November in each year in which no dividend has been made or declared as aforesaid, or in which the dividend or dividends made or declared upon either its common or preferred stock amounted to less than six per centum upon the par value of said common or preferred stock, estimate and appraise the capital stock of such company upon which no dividend has been made or declared, or upon the par value of which the dividend or dividends made or declared amounted to less than six per centum, at its actual value in cash, not less, however, than the average price which said stock sold for during said year; and, when the same shall have been so truly estimated and appraised, they shall forthwith forward to the comptroller a certificate thereof, accompanied by a copy of their said oath

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or affirmation, by them signed, and attested by the magistrate or other person qualified to administer the same: provided, that if the comptroller is not satisfied with the valuation so made and returned, he is hereby authorized and empowered to make a valuation thereof, and to settle an account upon the valuation so made by him for the taxes, penalties, and interest due the state thereon; and any association, corporation, or joint-stock company dissatisfied with the account so settled, may within ten days appeal therefrom to a board consisting of the secretary of state, attorney general, and state treasurer, [8 S.Ct. 1386] which board, on such appeal, shall affirm or correct the account so settled by the comptroller, and the decision of said board shall be final; but such appeal shall not stay proceedings unless the full amount of the taxes, penalties, and interest, as due on said account, as settled by the comptroller, be deposited with the state treasurer.

"Sec. 3. Every corporation, joint-stock company, or association whatever, now or hereafter incorporated or organized under any law of this state, * * * shall be subject to and pay a tax, as a tax upon its corporate franchise or business, into the treasury of this state, annually, to be computed as follows: If the dividend or dividends made or declared by such corporation, joint-stock company, or association during any year ending with the 1st day of November amount to six or more than six per centum upon the par value of its capital stock, then the tax to be at the rate of one-quarter mill upon the capital stock for each one per centum of dividend so made or declared; or, if no dividend be made or declared, or if the dividends made or declared do not amount to six per centum upon the par value of said capital stock, then the tax to be at the rate of one and one-half mills upon each dollar of a valuation of the said capital stock made in accordance...

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