Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-01-17
STATE TAX BOARD
BARS sI4,629,279,
PRUDENTIAL LEVY
Cannot Be Taxed Because 1t Is
Liability, but $271,l9l As. !
sessment Is Upheld.
DECISION MEANS LOSS
OF $2S4,OOO TO CITY
Local Officials Will Appeal Rul.
ing and Carry Fight Into
Courts.


by the Prudential Insurance Company
on account of its deferred dividend
policyholders was liability of the com.
pany on December 81, 1908, the State
Board of Equalization of Taxes in
Trenton today set aside the assessment
made against the company by the local
authorities of the city of Newark
The assessment ON the $271,191 rep
resenting the voluntary dividends in
connection with industrial policies paid
up for holders who have attained the
age OF 70 during last year, is affirmed.
Tine State Board holds that this
amount is an asset and was properly
assessed.
As result of this decision the city
viii lose, temporarily at least, 1884, 900.
which represents the tax on $14.623. .279.
While it is agreed that the city will
appeal from the decision of the State
Board. it will mean the tying up of this
money for long time, and some plan
must be found to provide for the
deficiency caused 1t was this assess
ment of the Prudential that brought
the tax rate down so low, although it
was an open question at the time the
assessment was made whether it would
stand. 49,
proposition, but it has already turned
over to the county. through the Board
of Freeholders, the sum of S53.172.
which represents the percentage due
the county. 1t Is believed that the CITY
will have a hard time getting this
toney back from the Freeholders
1t was announced TODAY by CITY
Counsel James r. Nugent that the city
would take the decision of the State
Board of Taxation to the Supreme
Court on appeal.
When Edward d. Duffield head of
the law. department of the Prudential
Insurance Company. was seen today
by a STAR reporter. he was loath to
discuss the decision of the State Tax
Board. but finally said
II don't see that there is much to
talk about iaathe. decision. 1t speaks
f0f -ftseff.. US yGfi ca q see but it goes
without saying. of course, that we are
highly gratified We have all along
regarded this money as liability to
be paid out to cur participating policy
holders, and could not see how the
cNy orlelais coulo go PACK on tnsir
appnoVai u oui posi'ioii III tue niaeeer
W .soo.
w ilAo liiousi't ene n'oles Mas
.optr9 ~. -. - -
.is ~, out ioiuint ene oppose w"
Me.ouiu iiot see oui was o'eai ~ %
ly4,he et's ueina1u'
ll,e lsaso'is ~ e.e ,oai ., deelol l''
- $3.50 a. ,,o ,ouu a. '''0 iH0i'io
.,rr,',. 49,, o -.
ms 10 sh apPeai laHeii lIoin uie
,ca., " s.'e ,1ssrA LILY poai"
~ 5,ssl - 'ae
sSsShiei. sesn " @if'oN''A ,'.o'' iol ehe year
Aooa. Ie,'eu os u'e cily ., 4Sewarh oii
psiso'a, ~ uiopeily, oMleu ps saiu coiii-
~, =, .oo VT o1o W.. i's
Hise' the suiit VI ga o1o'Ni'ao'. peins
Lne an,oui'. appo,,ppneo 10 oeierrea
"l'ioehu noiicy-noioers' as Fequireo py
chapter 'i ol tle laws OIL iso', ana
second tne sum OF Szi'isl. neing vol
uhlary dlviaends making industrial
pollcies pald-up Tor the olicy-holders
attaining the age of 10 IN lsos. Ihese
Two items inVeive two dinerennt ques-
tioEs, and must. therefore. be con-
sldered serarafely.
No Testimony by City.
..The Testimony offered nv the peti
TONERS i'm this ease was ,lncontroyerted
~, az oit, - Nan,arl, ona no teeti-
r,,orv was offered IN tbe mart of the
fit shows.
ssur,rs.N ,rhat i,,5,,st,ia1 ,artici,atiny
,,o,icias ,,are ,ss,,ed fron, The beoinnine
s,,s 1seT - ang,,st 1907 ana tbat or,
d,,,a, -, ,,ertieiDstine ,o,icies We're is
s,,aa S,,r,, ~ tha haas,,n,ns. ~ 1889 ,to An
ss,s.. 1on1
es ..sa,,a.-rr,.t ,o,ao ,rofts ,,oo,,,,,,,-
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~ e,arareI ,s.ate =. 20 az suus ] AIoi. -a,.
80 - ,',tu Ira.,r,.. -. ~ 1ao ,ooo "as
aEo,,rtr1 That ue o., 1reh,o, rvo, IN ,ooo
~ ,sea.a - ,s,.aota,,s. 20 10. -, ~, i'eo,
,sa,t ~. aaoI,,t;a =, .i.e ooiaips,iy a.
see sse az ap' o. 80 ,,asts a,e ana y. ~
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itiad mntia 20, -, - Daca,,,,a, ai iool