Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-04-29
coustructio, of the Revepue Law.

- COnstruct1Oh OF the Revenue Law
The following correspondence, furnished US for
publication byslfr Treasurer Worth, contains i'm
pOrtant information as to the construction Of por-
tons of the revenue law. The opinions Of the
Attorney General have no doubt been we'll con.
sidered and may be regarded as settling the ques-
tons which have been raised and brought to his
attention.
e. 80 TREASURY DEPARTMENT,
r. -.. -. =. Raleigh, April l, 1868.
4 Hon Sion Il. Rogers, attorney Gen. Of NJ G.s--s
DEAR SR:-The following questions. have been
propounded to me, arising under the Revenue act
Of the last General Assembly. shall be obliged
to you for your opinion on them, with view to
publishing it. in order that there may be uniformi-
ty in the action of the officers entrusted with the
execution of the act .-. ...:
i. Is the word Josh" in the FIRST and eighth sec
tons of the BILL to be interpreted as meaning spe-
Gle, Bank notes, or Confederate or State Treasury
notes?
2. By the LIST section, paragraph LIST Of the act,
real estate IS taxed twotfths of one per cent on
its value. BY the 4th paragraph of the same sec
ton, money invested in manufacturing companies
corporations is taxed at the same rate, according
to the shares fixed by the charter, if the shares
be in a corporation; and if not in corporation,
then upon the amount invested. "AlsO money in
vested in every species Of trade and traffic. not 9TH
erwise taxed herein" By the 9th section of the act
" the stock or interest held by individuals in all
corporations business shall be listed among the
individual property of the holders in the eounties
in which they reside" The bulk of the property
Of many manufacturing companies consists of real
estate-the necessary structures and machinery fer
carrying on the business. Is the real estate to be
listed by the corporation and the shares Of stock by
the holders, whereby the same property would DC
twice taxed? t
BY the 9th section of the act the stock or in
terest held by individuals in all corporations Or
business shall be listed among the individual prop
erty Of the holders in the counties where they re-
spectively reside" and by clause Is section 70 a
tax of two per cent is imposed on every dollar of
nett profit or dividend declared received or due
the year preceding the LIST day of April in each year.
land not previously listed upon money or capital
invested in manufacturing cotton or wooen goods
leather, or articles made of leather iron and tobac
co., and also every dollar Of nett profit divi-
dead on money invested in steamboat companies,
(whetier incorporated or not) and in railroads.
Are the shares Of stock in manufacturing and steam
boat companies to be taxed, and also the dividends,
well as the land and slaves, constituting part
of the stock of said companies?
i The 4th CLAUSE under the LIST section taxes
money invested in manufacturing and steamboat
companies two ifths Of one per cent. Is the term
manufacturing" to be taken in Its largest sense,
SO to include mills for the manufacture OF iron
-four, paper, POWDER &c. If not what manuac
turing establishments are embraced and excluded
g. The latter part of section 49, page 3ta. ID vol
ume of Revised Statutes exernpts the shares o.
stock in the Wilmington and Raleigh (now VIII
njDgton and Weldon) Railroad from any public
charge or tax Clause Is section 20 Of the Revenue
AZ: imposes tax of cents every dollar of divi
dend on money invested in Railroads Does th
provision of the Revenue act come in conflict with
the chartered rights of this Railroad Company
Yours, very respectfully,
| JONATHAN WORTH,
Public Treasurer