The Prescott daily news., 1911-12-18


 profits of such institutions is invested in United States bonds. or other tax able securities, or securities other. wise taxed"
 Section 25. Every association or corporation 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- nal accounting officer or other rep resentative shall make and file with the assessor T 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 roloneine 10 the company
 "4 The market value, and if no market value. the actual value of each share of etock
 "5. The aecragate value of all shares of stock.
 "G. The assessed value of any real estate that nav he owned bv the germany, corporation of association.
 The siy~~ item shall be deducted rom the fifth item and the remainder shall be taken as a basis for assess. ing the shares of stock of said com. panv.
 "The assess ment shall he made against the company, association, or cOrporation as the agent of it's share. holders, that is to say, the tax shall he assessed against the shares O stock and not against the shares of stock or property belonging to the corporation.
 "In 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 hv the company and which may be otherwiee taxed For the purpose of tovation it is tho purpose of this soc. ton to recognize the shares of stocE 'o the corporation as the property to To tavod and 10 require the officers oe tf0 corroration to assess same for tho owners"
 "0eot'or 9f Any cCmrany associa t'-n or e0r~0ratiOn paving a tax or
 'ares of etook ae provided ir sey, ton 2 may deduct the amount of taxes so paid from any dividend ac- cruing on stock
 Section 27. Shares of stock in building and loan associations shall be assessed at their true and full value in money. The president sec retary, cashier or principal account ing managing officer of the company or association shall make a return to the assessor wherein shall be stated:
 q. The amount of any surplus or reserve fund by whatever name call ed belonging to the company.
 70. The number of outstanding shares of paid-up stock by whatever name called belonging to the con- pany.
 '3. The number of shares and present value of all outstanding in stallment stock. This shall include stock sold and outstanding whether the same under the terms of the con. tract has loan or withdrawal value or not. Stock that has no loan or withdrawal value under the terms of the contract under which sold shall be held to be worth the actual amount paid therefor
 "4. The assessed value of all the real estate belonging to the company
 "5. The value of all stock pledged to the company.
 "The sum of the fourth and fftS items shall be deducted from the sun of the first, second and third items and the remainder shall be deemed 70 be the aceregate value of the un- pledged shares of stock outstandne Said sum shall be used as a basis for assessing the said building and loan associations and assessments shall be against the association as agent for its stockholders. The association shall pay the tax so assessed and shall have lien on the unpledeed sfares of stock outstanding on Feb ruary lst the year the assessment is made for tho amount so paid. Any contract attemniing tn imnnse nnnn