Omaha daily bee., 1902-04-24

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- sis 80 as.,sls s " nssis o.
Fsat naqs ~ ibs aBmissishsf ang Ne
asruusa aad is.isssi zoe ~sof9plstea ~
Eiiisa ig tks 80 soabeit ss q hoard IN
ssi,a,.s sss9i,ss ths wv. x ahs
sms Tbsa dhs siussis have ihsif
nrsf 0ppofisHiiy a. complain NJ ~ihsausii.
~ ss1db ere :" rex s,J ,ss@ Sg5
~EstfopoliiaB ctiss grgvidss "fhs council
.sss P2ssst, &c e. ssabs2asa n
issss and esssssmsnis. sHq 10 correct any
srTefv %. ths llstlga ~ valuation 81, prop
ssi5 I'D 20 sHpg,g az eTlssiohs n ihs
publir n8tirs IRE bdafd cannot ds1uailss
AZ taEss and assessmspts" Without con.
d sqsalisaijsn n 10 brins the assess.
meats ~ dinsFent parties " the sans rela.
uyf standard, .. that no one may be com
tss Cc5slsy sn faasiisn, psss ~ y The
Tlght q = taxpayer 70 make complaint be-
capabilities IN the assessments which result
IN Increasing his burden 81 taxes IL a SUBJ
rss ssars msst "r receive H. sempiinnIni. hhs.ans
evidence upon ths question Of Inequalities
IN The asgsssmsnts presented thereby, de-
msnts. In 30 doing n IL q Judicial tribunal
. a. taT as possible must be governed
b,Ssdssss 's cIaRssasiEy rsb's ssas5. ey @; il 's STAT
a. realtors have been deprived Of a right
CONCLUDES that The writ should not be is.
sssd fof the reasons Given ~ his %conclu:
the revenue act requires statements OF
,a.ss e9sporaiign, made ~ the assessor to
80 tofta paFticnlarlyi First, the name
second. tSs amount ~ capital stock az:
thurined and the number Of shares into
,Ss amount NOS y capital iaGSf stock Ssiidf psid fh, 30;
ysiss then ,6s ssiusI value d he shares
dsbtedness, except the indsbtsdness Tor
current expenses. excluding from such en-
sess.d valuation %. ali lie real and per-
s ssS1. EFS sssIi b. 'E fssss a Tsfi ys hns s &c s'Ssl
.ss:sd gsdsrN this sSSptsr,. and provide:
and sixth items snail be deducted from he
sSereEate value q its shares OF stock. as
ssisSsss n u ~. i iSsffh b. i' ii...d ana Sl i &. s re:
lessor IN the name. o. such company or cor
porasion as capital stock thereof"
To wiaa vaIae OF stock.
when the capital stock OF a corporation
has a mafket value. that value may be
AIKEN a. a easis 70 ascertain the value Of
the stock r. the net value Of It's assets and
q found by deductinG its Indebtedness from
BE property. but when ths capital stock
has no market value ~ cannot be used as
= easls IN ascertainlng the value Of the
corporation. since the value OF the In
tanEieis property must be ascertained be-
,ssnissa n tSs ssnss ~ wh sSiH t fsh term Ss of e
used IN the statute quoted. But our con-
.utuilen provides IN express terms that the
foe ~taxatioa. and when. ms On this case. Il
does not appear that the capital stock has
sf1sr Ssdss,ins '1 9Ss ,ansi aiseI PSopsrt ssiS of
% Iss franchises. The legislature MAJ az
~ Property and franchise. but IL cannot
rfeecrtbe rules that prevent the assessment
.sass on an %sauality With properly IN Sen-
ne. censttution J~seciion 1. article ix)
ssch rgvsnue a. may be needfui by ievyinG
q tan By valuation. 90 that every person
I'D .orbos.tien shall pay a tax IN proper
sad franchises. the value 20 be ascertaIned
~ such maEasr az the legislature shall
This provision u the constitution does
net allow The tndebtednesa OF individuals
- eespgratiens 20 ~ deducted from the
isSninihs ne value o. such pTnssrty s IS
~franchlses for t~axation. and II the man
lsiature Shs1 sirtetiy s1Ss,,sS xSuL nc sSr5,