The Green Forest tribune., 1911-12-22


 as the case may be, and shall be en- tered in the column in the assessors personal book under the heading, Money Invested as Banker or Brok- err"
 Section 21. Is the same old list that was made over thirty years ago for the farmers, laborers and small taxpayers. Almost every one remem- bers that it commences with:
 "The number of mules, horses, and asses of all ages
 Section 22. Every incorporated bank, through it's president, cashier principal manager or principal ac- countant, shall make and file with the assessor statement setting forth:
 "1. The amount of capital, whether divided into shares or not, actually paid in, or secured to be paid in, by note or otherwise, or in any wise pro- cured or furnished, to be employed in the banking business.
 "2. The amount of surplus and un- divided profits arising from the busi- ness and belonging to the bank, whether in it's possession or under its control, or loaned or otherwise invested for it's benefit
 "3. The value of all fixtures, furnf- ture, or other property that has been charged off to profit and loss account.
 A. The value of any real estate as owned by the bank as same has been assessed for taxation.
 "The sum of the first, second and third items, less the fourth shall be deemed to represent the personal pronerty of the bank employed in the banking business for the current year by such bank. Said sum shall be taken as a basis for assessing the shares of stock for said bank"
 Section 23. The total value of property employed in the banking business as determined by applying the rule laid down in section 22. here of. shall be taken to represent the to- tai value of all shares of stock of said bank. The returns required to be made by section 22, hereorf. shall be made by the person required to make it for and in behalf of the stockhold- CTS of the bank. The assessment shall be made against the bank in the aggregate as agent for the holders of the shares of stock. The taxes assessed against the shares of stock and it may recover from the owner or owners of such shares the amount of taxes paid, or deduct the same from any dividends aceruing on said shares. The amJlkt of taxes paid by any bank on shares Of stock as herein p~o- vided shall be first Een on such shares, and shall be paid before 2. transfer of such stock can be made
 Section 24. Every person, associa- ton of persons. cOmranv or corpora tion, whether authorized by law TO issue notes for circulation or not. that shall keep an office, accounting house. or other place for the transaction of business in this state, and shall dis count, buy or sell notes. bonds, stocks certificates of public debt claims or demands, with view of profit, shall be deemed to be a bank within the meaning of this act.
 Tn assessing the shares of stock of any hank, state or national, as herein provided, no credit allowance or de- duction of any kind shall be made by reason of the fact that any part of the capital, surplus or undivided profits of such institutions is invested | in United States bonds, or other tax able securities, or securities other wise taxed"
 Section g. Every association or cornoration authorized under the laws of this state and doing business here in and engaged in life, fire, accident, livestock or other kind of insurance business, or any kind of security, bonding, guaranty or indemnity busi- ness. or any kind of investment, loan or trust business, shall assess for taxation as follows
 "The president, secretary or princi- pal accounting officer or other rep , resentative shall make and file with the assessor sworn statement wherein he shall set forth: | "1. The number of shares of capi- tai stock outstanding and the face value of each of same.
 "2 The total capital stock paid in or secured or to be paid in by note or otherwise.
 "3. The surplus and undivided profits belonging to the company.
 A. The market value, and if no market value, the actual value of each share of stock.
 "5. The aggregate value of all shares of stock
 "6. The assessed value of any real estate that may be owned by the company, corporation of association.
 "The sixth item shall be deducted shall be taken as basis for assess ing the shares of stock of said com pany.
 "The assessment shall be made against the company, association. or corporation as the agent of it's share holders, that is to say, the tax shall be assessed against the shares Of ' stock and not against the shares of stock or property belonging to the corporation.
 '1n reckoning the assessable values of such shares of stock, no allowance shall be given for any United States bonds or other non-taxable securities. or for other stocks or bonds owned by the company and which may be otherwise taxed. For the purpose of taxation it is the purpose of this sec tion to iecogni7e the shares of stool, in the cnrnoratinn as the nronertV to