Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1907-07-27
1PH0LDS TAXING
! : Of BANK STOCKS
r,rr PASSED BY THE LAST
,rcIsLATURE is CONSTI-
TUTIONAL

Ian taXlnB Dnh"
Jaw Nv the last legislature, was
ps,,v brought before Attorney
Sora, stoddard by Sheriff Owens of
county. The following opinion
~ hoon lust handed down by the
.,rev-general, and will be of gem
~ interest throughout the state:
carson city, New, June rs, 1907.
owens, Esq, Sheriff and AS
,.ssor of Nye county, Tonopah, New:
No. slr.-I beg to acknowledge the
l"os,nt Of yours Of the ED instant
Shsrein you request an ofiial opin-
,.n mon the following questions re-
,.,,Dc IN the assessment and taxation
i hanks and the shares of stock
,horeln. as provided by the act of
March 20, 1907. Statutes 1907, p.
2O2).
nReplying thereto | beg to state
nat although the opinions of the at
tmney-general are. by law. reserved
NJ state officers and the district at
torueys of the various counties, with
,s consent of the district attorney
n Nye bounty, / win undertake to
answer the questions herein submit
TOD as | deem it very important that
tho various assessors of the st0te
,honld be informed as to the mean
Ing Of this act;
ou) Can we assess stock which
has been subscribed for but not fully
paid?
yves. All shares of stock In
hanks. whether of issue or not, are
ssessable, whether belonging to the
bank or to private individuals. The
bank itself, as a corporation, Is liable
IN the first instance for the payment
Of the taxes so assessed. and has a
lien on all shares In the bank and on
all the rights and property OF the
shareholders in the corporation prop
sy, as an indemnity.
"(2) How are we to know wheth-
tr said shares of stock are existing
b. authority OF the United States or
the state of Nevada Getting Section
2of said act)?
For the purposes of this act 1t is
nnaterial whether such bank is a
Domestic or foreign corporation, a
state or national bank; however,
such Information may be obtained
from the secretary of state. the coun-
y clerk, or the county recorder of
As county wherein such bank Is sit
uted, or from the state bank com
missioner, who a furnish all in
iofmation relative to capitalization,
lumber Of shares, names of direc-
tors, property, etc. as by the act of
March IS, 1907 Statutes 1907, p.
3s)i all banks Except national
Anksl are required to file with said
commissioner, under oath. all such
hormation.
'Gl Are we simply to tax a bank
'hich has not issued stock upon its
sitire capitalization?
II the bank is the owner of real
y PERSONAL property or both in the
county and has Issued no shares OF
sock, then such property is subject
% taxation in the same manner and
l0rn as other property. (See Sec
Ha y. Section 1882 of the Com,
ped Laws $4,000 defines persona
Eoperty as including all capital
"anea, Invested or employed In
aaae, commerce or business whatso-
0Ti the capital stock of all corpor.
'u0ns except those organized fol
4ning %purposes), the money, prop
Wy and effects of every kind, ex
Wy real estate. of all banks, bank
Is institutions or firms etc. Wher,
%n bank has issued stock, the per
4aal property thereof Is not taxed
y oniy the shares and real estate
W Are we to collect money as
e'sed upon the stock on demand, o
]afse 1t to the real estate and col
i as Is done where ar individual
pus real estate as well as persoue
p~operty?
"nere the bank Is the owner y
" estate, and he's issued stoe,;. tn
on the real estate and share
Oe collected at the time and 4
manner other taxes become due
Oank owns no real estate, tn
lne stock Is due and payabl
%e nfst day of May of each yeal
~, what method shall we pun
-. 44e Dahk officials refuse TO Civ
uue and complete list of tn
mr. V'uers and information necel
enable us to intelligently al
ro'"e shares of stock?
nsaiu the president, cashie
an, OF managing agent of an
uA 's'use to furnish to you, und,
statement of all such re,
Srt,os 'nai property as provided /
Inn iVS4 of Compiled Law
salon p YOU duty to report sue
count, u'e district attorney OF yoi
tht,iss, ana 1t is the duty of sur
sr'a s' attorney to prosecute SUE