Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-06-07

L
taken into consideration in estima-
tiAg the value Of property. Notes
given for the purchase of property
of any character are taxable. There
is no change in the law in. this re-
spect. There are certain reductions
TO be made which are specified in
treating of the Esd section of the
act. Notes, bends, stocks and other
securities (unless exempt by law
from taXation) or property deposit
ed as Collaterals, are taxable?
II. The "Other assets" mentioned
in subsection Z, refer to "other as
sets" eff like icharscter to those
mentioned in the same subsection.
and not to other assets mentioned
in other sub-seCtiOns of the same
section. With this explanation, all
the items of property mentioned in
this fourth subsection owned by
citizens of the State are taxable,
whether or not the notes, ETC., are
in the State or are OH persons in or
out of the State,
u. All bonds, stocks and other
like securities on persons or cOrpO-
ratiOns located in this State, unless
exempt by the laws OF the United
States or OF this State, have to be
returned for taxation at rdlOrcm.
The amount of Income from such Of
these as are thus exempt, must be
returned under the 18th subsection
of the 18th section. This income is
to be computed for the twelve
months previous to the 10th day OF
January next.
Mn1.1 49,, f,xal,l,
be SO returned The failure to re-
turn them will subject the owner
to an indictment for perjury in
swearing to a false return (See oath
sec. y. Such failure to return will
also authorize the Assessor, under
section 81, TO investigate aud make
such an assessment as the facts war
rant, and will further subject such
citizen to the additional tax imposed
in section % on those who connive
at or purpOsely evade an assessment
or knowingly permit an inadequate
assessment to be made The Su-
preme Court recognizes no such le-
| gal distinction between mares, geld
ings and mules as will exempt the
last named from taxation.
| II. In returning the articles men-
| toned in the 9TH and Sth sub-sec-
tions of section Z, it. is only neces-
sary TO give the aggregate value of
each item. In other words, il is not
necessary to give the number and
character of the pieces of jewelry
or household and Kitchen furniture,
but simply to report under the head
of jewelry the total value, and uH-
der the head OF household and kitch-
en- furniture, the total value,
Is. The items of personal pro-
perty mentioned in the tenth head
OF the blank schedule are so inserted
for the convenience of the tax
payer. If he prefers he may, under
the head of ''all other personal pro.
perty," return without specification
the aggregate value of these and
other articles of personal property
not included in any of the other
heads of the schedule.
16. Sections and 10 of the law
where they speak of banks an6
banking associations apply to banE
corporations. Section is applica
BILE to individual bankers. Stock,
holders in a bank or other Join
stock company must report thu
number and value of their shares o.
stock to the assessors of the distric
or ward in which said bank or join
stock company is located, and no
elsewhere. Under the 10th section
of the law every bank or banking
association is required to keep il
its business office a full and correc
list of the names and residences O
all the stockholders therein, and thu
number of shares of each, and 1t il
the duty of the assessor of the dis
trict or ward where the bank is 10
Gated to thoroughly examine sucl
list, for the purpose of ascertainins
the number of shares of non-resi
dent stockholders and to correct an,
mistakes that may be made by resi-
dent stockholders. These shares o
stock are reported under the 5tl
subsection of the 9TH section of tn,
act.
II. Merchants pay their privilege
tax to the Clerk of the COUNT
Court. They also return and pa
their dd UGLOreDL tax on merchan
disc to to the County Court Clerk
They also return to the COUNT
Court Clerk the amount and valut
of notes, due bills, etc, mentioned
in subsection of section z, afte
deductions hereinafter to be speci
fed, which they own as merchants
and pay the tax on these also to tn
County Court Clerk. 1t will b.
seen, therefore, that merchants maxi
all their returns and pay all thei
taxes as merchants to the Count,
Court Clerk. As individuals the
| -
the Collector.
IS In assessing, under section %
notes, due bills, ETC., therein men
toned, all bona fide debts OF the taI
payer incurred in conducting hi
regular business and pertaining t,
the same business out of which arOs,
the notes, due bills, etc, are to b,
deducted from the valuation of sale
notes, due bill, etc,
10. The schedule of taxpayer i
not complete without the OATH
The law prescribes it, and l know
of no construction which can abro
gate it or by which it can be avaded
Those who fsil or refuse 10 take tn,
oath, subject themselves TO assess
ment by the Assessor and the penal
ties prescribed by section 81. b.
573 of the code, the taxpayer wa
required TO "give in to the Assessor
a complete list of his property sub
ject to taxation of every description
describing his land so as to identif,
il; and by section SIS the tax-nayer
if he failed to give in list, was t
be assessed a double tax upon tn,
assessment of his property made by
the Assessor. By section 573 The
taxpayer was required TO swear
that his list contained call and every
item" of his taxable property.
Under section % of the act the
Chairman or Judge of the County
| Court, the Clerk of the County
Court, the County Trustee, Sheriff
or tax-Collector shall cite any per.
son who has not been assessed a:
contemplated by law, or who ha:
been assessed an inadequate amount
to appear before them to be assess.
ed according to law, and such officer
is authorized to make a proper as.
sessment. Should it appear that
said person did connive at or evade
a proper assessment, said officer
shall correct the assessment and add
fifty per cent. to the amount.
20. Under section 50 all clerks
| clerks and masters, receivers and
commissioners, are required Ia
make return of the property, mon.
eys, credits and effects held by them
in either of said capacities, sePerate
from their individual returns. The
agents and attorneys mentioned in
that section are the agents and at
torneys of non-residents of or absen-
tees from the State.
p. Should the County Courts al
low compensation to the Assessors
additional to that allowed by section