The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-05-05

psue and residence OF esch siocxholder with the
number Of shares owned by sueh ssocknoider
IN tncn bank, sno ne soaH sfhx what
De deems the lair cash value OF each OF
taid shares and slko the fair cash value
OF the entire capital stock OF such bank or bang
ing ~ ISOLATION on the lst day OF April and snail
deliver one OF said statements 10 the Assessor in
the township wherein such bank or banking as
ISOLATION Is iocateo, and the other TO the County
Auditor and sucn capital stock shall thereuDon
be lstec and assessed by the Assessor. and return
thereof made In all respects. the same similar
properly belonging 70 OtDer corporations aud ia
oividuals. Whenever any such bank shall have
acquired real estate or other tangible property
property shall be cesucted from the valuation
OF the capltsl EiocE Of such bank. IN making
such statement OF the fair cash value OF such
shares he credits snail be given and The bona hie
indebtedness OF such banE deducted therefrom.
= Il The case OF individuals The Assessor shall
determine snd settle the fair cash value or each
share % stock. after al examination OF suca state
uent, end also ar examination. under oath, Of
such ofncer u he ceem II necessary. aud in deter
mining and fixing the fair cash value OF eacn OF
saio snarss OF STOCK he shall he governed by TIE
market usual selling price Of suc1 stock at ufi-
and. II there De- no market value. lie shall deter
mine the actual value taking into consideration
the surplus aud Individual p-ofts. II say. st
be QUO win respect 70 Other moneyee capital
IN The faEos 81 individual citizens OF this state"
r. s. 1851. Sec. 63s5.l
This mode pf valuation of stock is valid. Hep
burn VS.. School directors q Vail, As. People VS..
Commits oneIe OF Taxes, 90 y. $. r, As; People
vs.. Commissioners OF Taxes t. n. Y. SIC
Under this statute 1.-THE real estate is valued for
isxatlon. snc placed on the duplicate as such.
The value OF the capital stock would necessarily
properly, including real estste but 1t does not
follow tnat the assessment Tor taxation must be
the same as this value ON the contrary. the fair
Implication is that the valuation OF tangible prop
erty ana real estate Otnerwiie assessed for taxa
ton should be deducted from the total value
place upon the stock. and the remainder should
be the basis of assessment of taxation the shares
ofHOck.p LOftin VS.. Citizens National Bank. IS
Ib0., 81 81. Ire PeODle The Commissioners of
Ia1 80 New York. $50. Evansville Ea1K vs. Brit
ten. lO5 L. ; r., 3l2-32i
In assessing bank StOcg il is the duty OF the off,
Ger 10 deduct from the actual value of each share
sum bearing the same proportion thereto as the
assessed value OF the real estate OF the bank bears
o.
DEDUCTION or INDEBTEDNESS.
Question 4-"Is the stakeholder en- titled to
deduction of Indebtedness from his share OF
BLOCK? ,"
ton OF Indebtedness que by him from the valua-
ton OF his shares of National Bank stock that the
law OF the State allows 10 the individual ctiz IN
who has mOneyed capital otherwise invested.
The act OF Congress allows no discrimination
il favor OF sucn money ed capital in the hands of
The citizen as against National Bank shares
People VS.. Weaver 100 q. s. r.. $50. Hills VS..
Exchange Bank. l05 T. ). g., 3l9: Supervisor VS..
sianiy lOS q. : ! 70; Evansville Bank vs. Brit
ton, 100 U. s. r., 322; Boy, VS.. Boyer, 20 Cent.
Law jour. 500, By supreme Court OF United
The Supreme Court OF Indiana. in the case Of
Waston, treasurer W TIE First National Bank OF
Indianapolis, on The % OF May. lass. decided that
the siOcktolcSr in National Banks may deduct
FRI N DIS shareS OF stock the amount OF all o. his
lust iMdeDtI dnCeS.
The shareholder in National Bank may conse-
qusntly deduct bis indebtedness from his shsges OF
sock and the cTeoIls designated srch by the
statute. r. s. 1851. secs. 49, $685. $50
10 oil other Cases Just Indebtedness Il az be de-
Quoted from credits only.
The act OF Congress provides for the taxation OF
the zeal estate oi the hank as such. fU. :. r. 6,
SIC. 5,3l9.
Inc State is left free to tax the shares OF stock
or real estate. lLOftn We. CityNst Bank, 50 Ind,
3il. People VS.. weaver. 100 u. ). X , 53y, 5iS-I:
People VS.. Comrs OF Taxes. 80 y. York, 573:
ID. sty Tax. so; X. :. 1881, 5 -cs 6,345 g 347;
The People ". COmTs.. 60 y. Ork, 81.
Our statute mas provided for assessing real estate
81 - en-. X 5. 1Sol, sees. 6.SiJ, 6347. . lad,
81
The stock will De assessed as provided by statute,
al its sctnal value. Z 1851, Sc 6,345 Rep
burn vs. school Directors, 70 ~ ali Is, PeOple
Comrs. OF Tax. 81 Z. = 4lJ; People VS.. COmTs.
OF Tax. 81 n. York, sic
In assessing bank stock 10 Is the duty OF tue OFF,
Ger TO deduct from the actual valne OF each share
sum bearing the same proportion thereto as the
assessed value al the real estate OF the bank bears
10 the actual value of ali the capital sock. tiae
People We. commissioners OF Tax. 90 New YORK, 81;
Loiiin vS. Citizens Bank. IS n0.. 81. 3l7; The
People Commissioners. so New YORK.. SIS:
Evansville Bank BrittOn. l05 Z. s. Z 322. 3l4.
he shsreh older Is taxed on the balances the val
of such stock and II IL my opinion thst from this
residue only of Snch valuation the Indebtedness is
deducted. Deduction OF indebi edness can not be
nade hOm the real estate or Its value. No tax.
payer can deduct Indebtedness from the value of
OF real estate, and there is no discrimination Ou
usl citizen OF the State as against the shareholder
~ National Banks. Respectfully.
FRANCIS 4. HORD, Attorney General.