Hempstead County v. Hempstead County Bank
| Decision Date | 14 January 1905 |
| Citation | 84 S.W. 715,73 Ark. 515 |
| Parties | HEMPSTEAD COUNTY v. HEMPSTEAD COUNTY BANK |
| Court | Arkansas Supreme Court |
Appeal from Hempstead Circuit Court, JOEL D. CONWAY, Judge.
Affirmed.
Judgment affirmed.
George W. Murphy, Attorney General, for appellant.
James H. McCollum, for appellee.
Appellant has no right of appeal. 51 Ark. 159; 52 Ark. 99; 71 Ark. 84.
On the first Monday in June, 1901, the Hempstead County Bank had capital stock paid in of $ 35,000 and undivided profits of $ 1,243.77. It had invested $ 9,777.22 of its capital stock in real estate of that value. The case is one to determine the amount of taxes the bank should pay. The lower court deducted the value of the real estate, which was paid upon separately from the capital stock and undivided profits, and taxed the bank upon the residue, thus adding $ 35,000 and $ 1,243.77 making $ 36,243.77, total valuation, and took from it $ 9,777.22, the value of the real estate, leaving $ 26,466.55 as the amount to be taxed. The actual amount found is seventy-eight cents less than this, but evidently that is an unintentional error, and is disregarded.
The question presented is whether the real estate shall be taxed in addition to the capital stock and undivided profits.
Each bank in the State is required to make an annual statement of its affairs, as of date the first Monday in June, to the assessor. This statement must contain, briefly speaking:
1. The amount of capital, its division, how much paid in or secured to be paid in.
2. The amount of undivided profits.
3. The value of moneys, credits or other personal property converted into U.S. or State bonds or other securities not taxed in the year immediately preceding the first Monday in June.
4. The amount of loans and deposits and details thereof. Kirby's Digest, § 6920.
The several amounts shall truly represent the means, property and assets described therein, and shall be added together, and the gross sum so produced shall be deemed the amount of property employed in banking for the then current year. Kirby's Digest, § 6921. Sections 6922 and 6923 provide for listing of shares, and section 6924 requires the assessor to return to the county clerk the statement required by section 6920, and the amount so returned shall be placed on the tax books and taxed as other personal property in the city, town, ward or school district where the bank is situated. On the face of these statutes there is no provision for returning real estate, and it is, under the general law assessed in the political township or ward where situated. The key to the statutes on this subject is found in section 6921, providing that the several amounts for the separate items to be returned shall truly represent the condition of the means, property and assets described in the statement, to the end that the sum of them shall be the valuation for taxing purposes. Reading this in connection with the constitutional provision makes the object plain. That provision is: "All...
To continue reading
Request your trial
-
State ex rel. Attorney General v. Bodcaw Lumber Company
... ... of Lafayette County against the Bodcaw Lumber Company, a ... domestic ... shares of stock in a national bank, when assessed for the ... purpose of taxation are not ... assessed against the corporation. Hempstead County ... v. Hempstead County Bank, 73 Ark. 515, 84 ... ...
-
State v. Bodcaw Lumber Co.
...property thus separately assessed must be deducted from the total valuation assessed against the corporation. Hempstead County v. Hempstead County Bank, 73 Ark. 515, 84 S. W. 715; Harris Lumber Co. v. Grandstaff, 78 Ark. 187, 95 S. W. 772; Arkadelphia Milling Co. v. Board of Equalization, 1......
-
First National Bank of Batesville v. Board of Equalization of Independence County
... ... This ... court has never construed the statute in a way that could ... have any bearing on the present question. In Hempstead ... County v. Hempstead County Bank, 73 Ark. 515, ... 84 S.W. 715, we merely held that, in summing up the valuation ... of the property of a bank ... ...
-
Dallas County v. Home Fire Insurance Co.
... ... of taxation ... It has ... been held that shares of stock in a national bank are ... taxable, notwithstanding they are invested in non-taxable ... property, and that ... to be double taxation. Nor do we think the case of ... Hempstead County v. Hempstead County Bank, ... 73 Ark. 515, 84 S.W. 715, in conflict with the views we have ... ...