The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1897-02-20


the market value of the stock might be taken into consideration
in estimating the value of the combined property.
The questions of difficulty i'll this are whether
the aggregate the combined property OF enter
prise though consisting chiefly OF personal property capable
Of indefinite multiplication materially exceed the sum OF
the values OF the parts taken separately and how lar the
earnings of the stock may be considered
in determining such value In the first place the word age
gate as here used in the expression aggregate value does
merely total" That necessarily Its only
meaning usage, and i'll this statute the words las
whole used in the same clause show that the word aggregate
intended qualify the word value make 1t
the value of the property unit and not merely as
collection of separate items This obvious also from other
portions Of these sections of the In the second place.
it evident that the Legislature regarded the value OF the
property materially greater than the OF the
values of the parts considered separately In the thrd place.
it Is evident that the legislature thought that the earnings and
corporation the market value of the stock, OF
enterprise important considerations III determining the
value of the property whole These views OF the iSla
should given effect if possible, and in opinion,
they well founded in and amply supported by
authority
considering that bear upon the subject it inn
porant keep different classes of statutes under
which they decided The form OF statute IS,
course which, like former statute simply imposes
property, without provision that combined prop
erty shall be assessed whole. But III number OF the
United States in years. result OF belief that the
properties of large enterprises especially corporations possess
considerable value the very fact of their magnitude
the relations of their different each other and that such
of value under the ordinary statutes,
changes have been introduced with view to subecng
such fair share of taxation The various fac
sometimes called the intangible property winch go to
make up this of value commonly included under
though doubt the propriety of giving
so wide meaning this One form of statute adopted
subject this taxation that which imposes
what is called franchise privilege tax This is tax
upon corporation, SUCH entity and is analogous to
upon person. business Occupaon such like poll
license under Hawaiian law. Not being property
may be somewhat arbitrary III amount and sometimes
percentage the earnings, of the market value of
the capital stock less the value of the tangible property assessed
separately and while property it is made and
considered practically equivalent to tax the value OF
the intangible property Thus the tax on the tangible property
and the franchise together most substantially
equivalent the entire property In such cas OF
course earnings the market value of the stock less the
value tangible property may be made the sole
the aggregate of the second form OF statute
adopted for the same purpose imposes upon
both the tangible and the intangible property, what
sidered the thing, ali the property including the
franchise This property tax tax upon the value OF
the property; and the earnings and market value OF the stock
although not regarded as the sole test OF the value OF the prop
ery nevertheless regarded very important considerations
determining that value fact they regarded the best
guide See state Railroad Tar Gases % L. SO This ON
the assumption that in the of business enterprises
of all the property, tangible and intangible would
with substantially all that went to ake mp the Vaue OF the
enterprise and that the market value of the stock is the best
evidence of that value because it determined by the udg
those best able udgtose who actually buy and
sell the stock third form of is which, like
present statute directs that the combined property shall be
assessed as whole regarded practically equivalent
the second above mentioned the ground that the
words whole their equivalent intended to mean
that the property be regarded with reference to the
of Its different parts Its earning capacity and the
which it put in other words not as passive but as active,
propertyhe property of going The difference
tins and the second above mentioned
regards the intangible factors incidents OF the tangible prop
te tangible property increased in value by the in
tangible while that regards the intangible factors
property III themselves, though closely mseparaby
nected with the tangible property.
The relied for the plaintiff of which the principal
are Chicopcc r. Hampdcp Is Gray IS: Com. =. Hamilton
Allen Conn, cary Co., % Mass 10; People
DoqH 126 y. Y. 1876; People Coleman, h. 1913; Porter
Rockford 90. 76 Ill. SOL Cote Conn Co., 80 Conn 512
Stae r. Het. 81 y. j. L. 37S De Witt Hays Cal 1868;
of them decided under like and
find nothing them the principles above forth
We need only of them, the relied
the plaintiff People DOIdH, 1916 n Y. 166. In that
the held that the portion of telegraph line par
ticHar should he assessed isolated property,
part whole, used for telegraph purposes with
connections productive capacity that therefore,
the market value of the stock proper the
of the property but that since personal property
infinite nrodmcion the of lis yame