The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-05-11
HOW 10 FILL THE
SCISSORS .BL.ANKS.
l Z ) COM SIS N Err b u I ON
sRlsa ms 81 E R Or AN
MEslN g QUEsTioNs. n II
FAIR As BASIS THIS WEAR.
Nd RUE AND ACTUAL
VALUE NExT. s


g q V ElEsTo N, May ii. -""How
shall 4 all out the assessors blanks
70 COMO rInsto the new tax laws ~ &
This IS question which Is puzzling
almost every business man through.
mt the State. II
Tax Commissioner Dillon, who is the
pandora box for all authoritative
Informal m ION on this subject; discussed
this blem sat length In his Office in.
HE Capitol building Mr. Dillon was
sonsulte as to the proper manner OF
executing the blanks which are the
source Of concern both to assessors
hroug hout the. State.
NE mater rs very simlle,s after a
Httls explanation said the tax com:
miss ioner. First the merchants re.
galred list his entire stock accord.
ms tos his Inventory Of April i. AcS
eording tosthe law he shall for tho
present year place his value on this
stock at o fair cash basis. Next year
and each year thereafter lie shall flg.
ure5 the gstoc K at its true and actual
yal1e, Now I construe these phrases
slto mean The amount the goods would
Sring we're he TO sell them IN bulk, on
the first day OF April. Not at wha:
y would bring at a forced sale, but
ssfle price thatait would bring at a vol.
gntarys sale to another, Individual.
He should include in this calcula.
lion both the stock that ~ paid for
and ais that on which he is still ow.
ms The reason that the phrases
IKE frne, and actual value, etc., were
used was TO create uniformity in the
assessment Of the property. The
merchant must likewise state on his
plank the amount that he owes on the
stock and also any intangible property
lhst the individual firm or corpora
ton may possess. From The amount
Sol This Intangible properly, which in
: the case OF the merchant, would be
represented by his outstanding goods
and collective accounts and any note
eior other evidence of credits that he
zaa7 hold Jas the assets Of the firm
OF lyidual: From this figure there
can be collected the amount of his
inde edness ION the stock which in
me hrstsp place was put in at the value
e the entire inventory regardless Of
me amount owed on the same. or
course Il he has not outstanding ac.
counts there will be nothing to deduct
rom the Decentralization. The tax nav.
er IS allowed under these conditions
g IS q e his money and cash cred,
It's 1.3.S AZ
he question could be explained in
= little more simpliaed manner in this
Esy:s
y afman possess ten horses on the
Isl Of april worth one hundred dol.
lars each but had mot paid a single
cent onst the animals, he would be as.
ssesse q onthe full value OF the horses
s "a less Of whether he had paid for
item diem Or not. II, however, he held
ssliae ones note for $4,000, which lie
would ikewise be required to give in
10 The assessor on the blank, he could
ded1ct this amount Of his, Indebtedness
= "a
on sheS horses from the amount Of the
ne so q y be assessed on only $500. In
sss '1l:E words, he could subtract his
si n mess from any intangible
property he may own. II he held no
such note then he would be required
ospay taxes on; the full v,lue of the
horse or $1,000, even though he had
not paid for them.
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