The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1874-02-04

Il6 hlobL lGG VI WaIQ WA6f0 bAC OWn6E
resides, and must be returned there
if he be a resident of the State /; if
nonresident, then in the district or
ward where his agent or attorney re-
sides.
s. Ifthe description Of real es-
tate cannot be written ont, as re-
quired by the law. in the blank form
furnished by the Assessor, then the
taxpayer can write it out on a sep
arate piece of paper, and make it
part of his schedule by attaching it
to the blank.
9. Under section Z, subsection 1,
of the act, each bank or Incorporated
company must report the amount or
capital stock paid in. Upon this
amount the bank or Incorporated
company is not taxable. Bnt un.
less exempt from taxation by some
other law, the bank or other corpora
tion must also report the items in
which said capital stock is invested,
stocks, bonds, bills receivable.
money, real estate and other assets,
with the value of each. The real
estate must be taxed as other real
estate. If its remaining assets do
not exceed in value the amount Of
its capital stock, they are not taxa
BILE; but If they do exceed in value
the amount of the capital stock, then
this excess in valuation should be
taxed. Notes, due bills, negotiable
paper, accounts and other assets, in
cluding cash on hand or on deposit
in this State or elsewhere, mentioned
in section Z, subsection a, refer to
such as is owned by merchants as
we'll as other persons. 1t is not
necessary to return such as are of no
value.
Notes, accounts, ETC., for rent of
real estate are subject to taxation
for insurance, taxes and repairs of
the property. These are items
which should be taken into consider
at on in estimating the value of the
property. Notes given for the pur-
chase of property Of any character
are taxable. There is no change of
the law in this respect. There are
certain reductions to be made which
are specified in treating Of the Esd
section of the act. Notes, bonds,
stocks and other securities unless
exempt by law from taxation) or
property deposited as collaterals,
are taxable.
IL. The "other assets" men,
toned in subsection 4, dissection z.
refer to "other assets" of q like
| character to those mentioned in the
same subsection, and not to other
| assets mentioned in other sub-sections
ofthe same section. With this explana
ton, all the items of property men,
! toned in this fourth subsection
owned by citizens of the State are
taxable. whether or not the notes,
etc, are in the State or are on per-
sons in or out of the State.
II. All bonds, stocks and other
like securities on persons or corpora
tions located in this State unless
exempt by the laws Of the United
States or of this State, have to be-
returned for taxation ad valorem.
The amount of income from such
of these as are thus exempt must
be returned under the 18th sub-sec-
tion of the 9Th section. This in
come is to be computed for the
twelve months previous to the 10th
day of January last.
IS. Mules are taxable and should
be so returned. The failure to re-
turn them will subject the owner to-
an Indictment for perjury in swear
ing to false return. (See Oath.
Sec. 81 Such failure to return
will also authorize the Assessor,
under Section 81, to investigate
and make such an assessment as
the facts warrant, and will further
subject such citizen to the additionaR
tax imposed in Section 25 on those
who connive at or purposely evads
an assessment to be made. The
Supreme Court recognizes no such
legal distinction between mares.
geldings and mules as will exemp-
the last named from taxation.
81 IA. In returning the articles
mentioned in the 9Th and SUh sub
sections of section Z. it lis only nec-
essary to give the aggregate value
Of the whole of the articles mention
ed in those sub-sections respect
lively.
is. Sections 8 and 10 Of the lavr
where they speak Of banks or bank
ing associations apply to bank cor
porations. Section 9 is applicable.
to indiUidUdL bankers. Stock bold
ers In a bank or other joint stock
company, must report the number
and value of their shares of stock to
the assessor of the district or ward
in which said bank or joint stock
company is located, and net else
where. Under the 10th section Of
the law every bank or banking as.
sociation is required to keep in its
business office. a full and correct list
of the names and residences Of alb
/ the stockholders therein and the
number of shares of each, and it ia
the duty Of the assessor of the dis
friCt or ward where the bank is loz
Gated to thoroughly examine such
list, for the purpose of ascertaining
the number OF shares of nonresident
stockholders and TO correct any mis-.
takes that may be made by resident
stockholders. These shares of stock
are reported under the 5th sub4sec-
ton Of the 7th section of the act,
16. Merchants pay their privilege
tax to the Clerk of tie County Court,
They also return and pay their adj
Udlorenl tox on merchandise to the
County Court Clerk. They also res
turn to the County Court Clerk the
amount and value of notes, due bills,
ETC., mentioned in sub. section 4 Of
section z. after deductions hereinaf.
ter to be specified, which they own