The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1874-01-30

titled to exemption, said person may be
allowed the balance of the exemption to
which he is entitled The Assessor last
allowing such remainder of such exemp-
ton must attach the certificate of the
first Assessor to the schedule, and return
it, with the schedule, to the County Court
Clerk No exemption is to be allowed in
any other district or ward than where the
applicant resides without such certificate
from the Assessor of his district.
If a merchant has not thousand dol
lars worth OF personal property outside
of his business as a merchant, then he is
entitled to ali exemption before the Coun-
ty Court Clerk. But to obtain that, he
must bring to the Clerk the statement of
the Assessor of the district or ward where
he resides, showing the amount of the ex-
emption he has received. The Clerk will
then allow him the remainder of the ex-
emption to which he is entitled, and will
file with his return the statement of the
Assessor. No exemption is allowed I'M
der any circumstances on privilege
tax.
6. All growing crops, of whatever ma
ture or kind, are exempt from taxation.
So, also, is the direct product of the soil
Of this State, in the hands of the produ-
Ger or his immediate vendee. The latter
includes crops gathered. In addition, no
article manufactured of the produce Of
this State shall be taxed otherwise than to
pay inspection fees.
Z. Property must be assessed in the dis
trict or ward in which it lies at the time of
assessment, except stocks in banks, bank
ing associations or other corporations or
joint stocks companies, which have to be
assessed IN the district or ward where such
bank, banking association or other corpo-
ration is located. If personal property
has been sold between the 10th of January
and the time of assessment, it must be re-
turn ed in the ward or district where the
person giving it in resides at the time of
assessment. Notes, due bills, accounts
and like chooses in action in the eyes of
the law lie in the district or ward where
the owner resides, and must be returned
there if he be resident of the State if a
nonresident, then in the district or
ward where his agent or attorney resides
s. If the description of real estate can
not be written out, as required by the law,
in the blank form furnished by the Asses
sor, then the taxpayer can write it out on
a separate piece of paper, and make it q
part of his schedule by attaching it to the
blank
9. Under section Z, subsection /, Of the
act, each bank or incorporated company
must report the amount of capital stock
! paid IN. Upon this amount the bank or
| incorporated company is not taxable.
| But unless exempt from taxation by some
other law, the bank or other corporation
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 taxable, but if they dc
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, includ
ing cash on hand or on deposit in this
! State or elsewhere, mentioned in section
| I, subsection 4, refer to such as is owned
by merchants as well as other persons
1t is not necessary to return such as are
of no value.
Notes, accounts, ETC., for rent of real es
tate are subject to taxation without deduc
ton for insurance, taxes and repairs o.
the property. These are items which
| should be taken into consideration in est
mating the value of the property. Notes
given for the purchase of property of any
| character are taxable. There is NJ
change of the law in this respect There
are certain reductions to be made which
are specified in treating of the 23d section
of the act. Notes, bonds, stocks anG
and other securities (unless exempt BY
law from taxation) or property deposited
as collaterals, are taxable.
II. The other assets" mentioned il
subsection / of section Z, refer to "othe,
assets of like character to those men
toned IN the same subsection; and not t
other assets mentioned in other sub-sect
ions Ofthe same section. With this explana
ton, all the items of property mentioned
in this fourth subsection owned by citi
zens of the State are taxable, whether OF
not the notes, etc, are in the State or or
on persons in or out of the State
II. All bonds stocks and other like sc
curlties on persons or corporations loca
ted IN this State unless exempt by the law
of the United States or of this State, hav
to be returned for taxation Gd ralorem
The amount of income IRON such Of thes
as are thus exempt must be returned IN
der the llth subsection of the 7th section
This income is to be computed for tn
twelve months previous to the 10th day c
January last.
IL. Mules are taxable and should be s
returned. The failure to return them vii
subject the owner to an Indictment 70
perjury in swearing to a false return
(See Oath, Sec. 81 Such failure to RI
turn will also authorize the Assessor, un
der Section 81, TO investigate and max
such an assessment as the facts warrant
and will further subject such citizen to tn
additional tax imposed in Section % o.
: those who connive at or purposely evad
an assessment or knowingly permit a
inadequate assessment to be made. Tn
Supreme Court recognizes no such lege
distinction between mares, geldings an
mules as will exempt the last named froI
, taxation.
If. In returning the articles mentione
in the 18th and Sth sub-sections of sectio
{, II is only necessary to give the aggrt
gate value of the whole of the article
mentioned in those sub-sections respect
lively.
, 10. Sections and 10 Of the law wher
they speak of banks or banking associa
tons apply to bank corporations. Sec
ton . is applicable to iHdiriduGE banker.
r Stockholders in a bank or other joint stoc
company, must report the number an
| value of their shares of stock to the asses
, {
bank orjOint stock company is located
and not elsewhere. Under the 10th sec
ton of the law every bank or banking al
ISOLATION is required to keep in its busi
ness Office full and correct list of tn
names and residences of all the stock
holders there in and the number ofshare
f of each, and it is the duty Of the assesso
of the district or ward where the bank
located to thoroughly examine such list
+ for the purpose Of ascertaining the nun
Der Of shares of non resident stockholder
and to correct any mistakes that may b
made by resident stockholders. Thes
shares of stock are reported under tn
9TH subsection OF the 18th section of tn
act.
lG Merchants pay their privilege tax t
the Clerk of the County Court. They ais
return and pay their al Calorem tax Of
merchandise to the County Court Clerk
They also return to the County Cour
Clerk the amount and value Of notes, du
bills, etc mentioned in subsection 1 O
section :, after deductions hereinafter +
be specified which they own as merchants
and pay the tax on these also to tn
County Court Clerk. 1t will be seen
therefore that merchants make all thei
taxes as merchants to the County Cour