The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-25


stress is laid on the necessity of getting
accurately the number of acres in each
tract. The Commissioners add: at
would seem that there ought to be abso-
lutte certainty in having this class of
property on the tax list. There are few
changes in the county boundaries and the
acreage is necessarily the same, and yet
the number of acres varies greatly from
year to year. as will appear from the Au-
ditor's Report"
One of the most important parts of the
letter is that in regard to the listing of
personal property. 1t says:
This includes all personal property of
every nature-tangible and intangible.
The tax payer in listing personal property
should be required to give the market
or true value, as above defined, on the
first day of June, 1901. You should see to
it that this list of personal property is
itemized according to the blanks.
Money must be listed. Not only gold
and silver and other coin, but circulating
notes of national banking associations and
United States legal notes, and otn-
er notes and certificates of the United
States payable on demand and circulating
or intended to circulate as currency, are
subject to taxation as money on hand
or on deposit. 1t is not believed that this
class of property is fairly represented Oh
the tax duplicates The total amount OF
money on hand and on deposit, as shown
by the Auditors Report for 1900, was $4,-
800, sos, while the amount on deposit alone
in State banks, savings institutions and
private banks for the same year. as
shown by official reports was So, 1852, 1880;
and money on deposit in national banks
for same period was $7096,806.
'Your attention is also especially called
to that class of property known as in
tangible personal property, such as cred
it's, shares in incorporated companies, etc.
The amount of credits on the tax dupli-
Gates of North Carolina, as appears by
the last Auditors Report, was $21, $685.,
056 less than one-fourth of the assessed
value of other personal property and
about one-eighth of the value of the land.
Shares of stock in incorporated compa
MES, as appears from the Auditors Re-
port, were $6,037, $3.50, while the value
of shares of stock in national and State
appears from official reports for same
year-not to mention shares in all other
corporations. There seems to be some
thing wrong and badly wrong with the
class of property known as credits and
shares of stock in Incorporated compa
MES.
ut may be claimed by the taxpayers
that his credits are not entirely solvent,
4f,,,f all tic IAo
listed, and that the taxpayer may claim
deductions. The statute provides if any
credit be not regarded as entirely sol
vent, claim for deduction may be made
and if allowed by the tax-lister shall
be deducted from the total amount list
ed in the same manner as provided for
the deduction of property exempt from
taxation.
The statute further provides that all
bona fide Indebtedness owing by any
person may be deducted by the tax-lister
from the amount of said persons cred
its: Provided, he shall give an itemized
statement in detail of how said debts
are secured, to whom owing, the resi-
dence of the creditors, and the amount
due each You will note that it is the
tax-lister and not the taxpayer who
tax-lister is only authorized to do so
when the itemized statement in detail
is given. This itemized statement should
be in writing and filed with and made
part of the list filed by the taxpayer"
AS to what are credits from which bona
fde indebtedness may be deducted, the
letter says:
Every claim, including accrued interest
uncollected owing to the party whether
by person in or out of the State,
whether owing by mortgage, bond, note,
bill of exchange, certificate, check, open
account or due and payable, whether
owing by any State or government, coun-
ty, city, town or township, individual,
company or corporation; the value of
cotton, tobacco or other property in the
hands of commission merchants or agents
in or out of the State, shall be deemed
credits within the meaning of this act.
1t is only from credits as above de-
fined that liabilities can be deducted by
the terms Of the statute. In this con-
noction your attention is called to the
words of the statute in reference to
banks, namely: The taxation of shares
in any such banks, banking association
or savings institution shall not be at a
greater rate than is assessed upon other
moneyed capital in the hands of indiyid-
ual citizens of this State, whether such
taxation is for State, county, school or
municipal purposes. 1t has been held by
our Supreme court that shareholders OF
stock in national banks are entitled to
have their liabilities deducted therefrom
and it seems that the Legislature intend
ed to put other banks on the same foot
ing"
The tax-lister's attention is especially
called to the necessity of requiring spe-
cifc answers to each question in re-
gard to income For failure to require
such answer he is subject to penalty
of So for each question unanswered.
The rate of tax on incomes, under the
| new revenue law, is: On excess over
| 81 900, one per cent. And the tax shall
| not be levied upon the income derived
from property already taxed, nor upor
incomes less than one thousand dollars
The incomes subject to the above tax are
these derived from property not taxed
| from salaries and fees, public or private
| from annuities; from trades or profess
| r;onc oo5 F.o,,, op,y otbar co1rcac no in