Pocahontas star herald., 1912-07-05

business shall assess for taxation as
follows:
The president, secretary or principal
accounting officer or other represen-
| tative shall make and file with the as
SCISSOR a sworn statement wherein shall
be distinctly set forth:
l. The number of shares of capital
stock outstanding and the face value
of each of same.
2. The total capital stock paid in or
secured to be paid in by note or other
wise.
3. The surplus and undivided profits
belonging to the company.
4. The market value and If no mar
ket value the actual value of each share
of stock
8. The aggregate value of all shares
of stock.
6. The assessed value OF any real es-
tate that may be owned by the com
pany, association or corporation
| The sixth item shall be deducted from
the fifth item and the remainder shall
be taken as basis for assessing the
shares OF stock of said company.
The assessment shall be made against
the company, association or corpora
tion as the agent of its shareholders,
that is to say the tax shall be assessed
| against the shares of stock and not
against the capital stock or property
belonging to the corporation.
In reckoning the assessable value of
such shares of stock no allowance shall
be given for any United States bonds
or other non-taXable securities or for
any stocks or bonds owned by the com
pany and which may be otherwise tax
ed. For purposes of taxation il is
the purpose of this section to recog-
nize the shares of stock in the corpo-
ration as the property to be taxed and
| TO require the Officers of the CORPORA
tions to assess same for the owners.
Section 26 Any company, associa-
tion or corporation paying a tax on
shares of stock as provided in section
20 may deduct the amount of taxes so
paid from any dividend accruing on
said stock.
Section 27. Shares of stock of build
ing and loan associations shall be as
sessed at their true and full value i'm
money The president, secretary, cash
Ter or principal managing officer of the
company or association shall make a
return to the assessor wherein shall be
stated:
1. The amount of any surplus or
reserve fund by whatever name called
belonging to the company.
2. The number of outstanding shares
of paid up stock by whatever name call
ed in said company and the aggregate
| value Of all such shares.
g. The number of shares and the pres
ent value of all outstanding installment
stock This shall include all INSTALL
ment 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 with
drawal value under the terms of the
contract under which sold shall be
held to be worth the actual amount paid
thereon
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 fifth
items shall be deducted from the sum
Of the first, second and third items and
the remainder shall be deemed to be
the aggregate value of the unpledged
shares of stock outstanding Said sum
shall be used as a basis for assessing
the shares Of stock of said building and
loan association and the assessment
shall be against the association as
agent for its stockholders. The associa-
ton shall pay the tax so assessed and
snail have lien on the unpledged shares
OF stock outstanding on February
Isl, the year the assessment is made,
for the amount so paid. Any contract
attempting to impose upon the pledged
shares of stock in a building and loan
association any part of the tax assessed
as above provided shall be null and
void.
Section 2S. Every power, heating,
electric gas, water, street car, toll road
tion, commonly known as a public utility
corporation doing business in this
State Except railroad, telegraph, tele-
phone, express, sleeping car and pipe
line companies, the assessment of whose
property Is otherwise provided for),
shall. through IT'S president, secretary
or principal manager or officer, annu-
ally, on February 1st, make and file
with the Arkansas Tax Commission
statement in which shall be distinctly
set forth:
1. The name and principal office of
the corporation.
2. The total face value of all out
standing common stock; the market, and
If no market, the actual value of same.
3. The total face value of all out
standing preferred stock; the market,
and If no market, the actual value of
such stock
4. The total outstanding bonds and
other similar securities by whatever
} name called, secured by mortgage or
deed of trust on any part of the prop
erty belonging TO said company; the
market, and if no market, the actual
value of same.
5. The assessed value Of all real es-
tate belonging to the company.
The total of the second, third and
fourth items less the fifth shall be
deemed to be the value Of the personal
property of the company 1t is the
purpose of this Act to tax everything
that adds to the value Of the stocks
and bonds of the corporations described
in this section. including every kind of
incorporeal and Intangible property, such
as easements and franchises of every
kind except the right TO be corpora
ton; provided that in the year 1911,
the corporations, whose assessment is
provided for in this section, shall make
the return herein prescribed and file
the same with the Arkansas Tax Com
mission on or before the first of July
of said year.
Section 20. The Arkansas Tax Com
mission shall assess the personal prop
, erty of the several corporations set out
in section 2S hereof at the same time
and in the same manner as it assesses
the property of the railroads, and of
telegraph, telephone, express, sleeping
var and pipe line companies 1t shall
, keep record of the assessments Of
such corporations as made by it and
/ shall certify out to the several assess
ors of the State the valuations, as de-
termined by it, of the property of the
{ corporations mentioned in said section
2S Of this Act. The assessors shall en-
ter upon their books the assessments so
certified to them in the same manner
! as they enter the assessments of the
! railroads and of telegraph, telephone
+ express, sleeping car and pipe line
! companies.
/ Section 30. All corporations doing
p business in this State, except corpora
tions whose property is assessed by the
! Arkansas Tax Commission and the cor
porations required to make and file
the special returns prescribed by sec
: tions rs and 81 of this Act shall. in
4 a Al IN.