Gillespie v. Gaston
Decision Date | 08 April 1887 |
Citation | 4 S.W. 248 |
Parties | GILLESPIE, Tax Collector, v. GASTON and another. |
Court | Texas Supreme Court |
Jeff. Word and Slemmons & Field, for appellant. H. G. Robertson, for appellees.
The appellees were the owners of shares of stock in a bank incorporated under the laws of this state, and these, not having been rendered by their owners, were assessed. The tax collector was proceeding to collect the taxes so claimed, and the owners of the shares, after tendering all other taxes assessed against them, brought this suit to restrain him from collecting the taxes assessed on the shares of stock. The injunction was perpetuated, and this appeal is presented from the final judgment through which this was done. The tax was claimed for the year 1883. Article 4682, Rev. St., provides that no person shall be required * * * to include in his statement, as a part of his personal property which is required to be listed, any share or portion of the capital stock or property of any company or corporation which is required to list or return its capital and property for taxation. Article 4684, Rev. St., requires banks to list for taxation all property, both real and personal, owned by them; thus imposing a tax upon everything which gives value to shares of capital stock. Such taxation taxes everything upon which, under the fundamental rules regulating taxation, taxes ought to be or may be imposed. To tax the shares of a stockholder in a corporation, where all the property which gives value to such shares is taxed against the corporation, would be, in effect, double taxation of the same thing; for the certificate and ownership of shares are but evidence, and give to the shareholder the right to participate in the profits to be derived from the business to be conducted by the corporation so long as it continues in business, and to share in the proceeds of its property on distribution. If a bank fails to render for taxation any property which ought to be rendered, this does not authorize an assessor to list for taxation something which the law does not require to be listed. Instead of taxing the property of a bank, it would doubtless be competent, under existing federal legislation, for the legislature, as it has done by the act of March 13, 1885, to impose a tax on shares in any banking corporation, whether organized under a law of the general government or of the state. In such case the actual value of the shares would...
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Bd. of Com'Rs of Okla. Cnty. v. Ryan
...133 S.W. 1113; Dallas County v. Banks (Ark.) 113 S.W. 37; Stroh v. City of Detroit (Mich.) 90 N.W. 1029; Gillespie, Tax Collector, v. Gaston et al. (Tex.) 4 S.W. 248; Slater v. Commonwealth (Ky. App.) 179 S.W. 201. ¶23 This is the construction of the statute which has been followed by the e......
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Board of Com'rs of Oklahoma County v. Ryan
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