Sharp County record., 1912-05-31
business shall assess for taxation

accounting officer or other represen-
tative shall make and file with the as
SCISSOR sworn statement wherein shall
be distinctly set forth;
/. 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.
A. The market value, and If no mar
ket value, the actual value OF each share
Of stock
s. The aggregate value Of all shares
of stock.
s. 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 flfth 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
ton as the agent Of it's 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 it 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-
ton or corporation paying tax on
shares of stock as provided in section
25 may deduct the amount OF taxes so
paid from any dividend accruing on
said stock.
Section q. Shares OF stock of build
| ing and loan associations shall be as
sessed at their true and full value in
money. The president secretary, cash
Ter or principal managing officer OF the
company or association shall make q
return TO the assessor wherein shall be
stated.
l. The amount OF any surplus or
reserve fund by whatever name called
belonging to the company.
g. 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.
3. 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-
or not. Stock that has no loan or with
drawal value under tho terms OF the
contract under which sold shall be
held to be worth the actual amount paid
| thereon.
a. The assessed value of all the real
estate belonging to the company.
g. 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
shares OF stock outstanding. Said sum
shall be used as basis for assessing
the shares OF stock of said building and
loan association and the assessment
shall bo against the association as
agent for It's stockholders. The assocln.
tlon shall pay the tax 30 assessed and
shall have n lien on the unpledged shares
OF stock outstanding on February
lst, tho year the assessment Is made,
for the amount 80 paid. Any contract
attempting to impose upon the pledged
shares Of stock In building and loan
association any part of the tax assessed
AZ above provided shall be null ana
void
Section 49, Every power heating,
electric. gas, water, street car toll ROAD
toll bridge and other similar corpora
tion, commonly known as q public utility
| tOT DOTuIlOU uOlHk DublltSS snh'
State Except railroad, telegraph, tele-
phone, express, sleeping car and pipe
line companies, the assessment or whose
property is otherwise provided for),
shall, through It's president, secretary
or principal manager or officer hnnu-
ally, on February lst make ana filc
with the Arkansas Tax Commission q
statement In which shall be distinctly
set forth,
1. The name and principal office of
the corporation,
O. Tho total face value of all out
standing common stock; the market, and
II no market, the actual value or same
B. Tho total face value or oil out
standing preferred stock; tho market.
and If no market, the actual value or
such stock,
4. Tho 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
value Of same,
5. The assessed value Of oil real es-
tate belonging TO tho company.
The total OF the second, third and
fourth items less the firth shall be
deemed 10 bo the value Of the personal
property OF the company, IL IL 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
aa easements ana franchises or every
kind, except tho right TO be n corpora
tlon; provided, that In tho yonr 1911,
the corporations, whose assessment ls
provided for In this section, shall make
the return herein prescribed and file
the same with the Arkansas Tax Coms
mission on or before the first OF July
OF said year,
Section 20, The Arkansas Tax Com
mission shall assess the personal prop.
orty OF the several corporations sot out
In section 2s hereof at the same time
and In the same manner as it assesses
the property OF tho railroads, and OF
telegraph, telephone, express, sleeping
car and pipe line companies, II shall
keep II record OF tho assessments OF
such corporations M made by II and
shall certify out % tho several assess
ors Of tho State the valuations, az de-
termlned by IL, OF the property OF the
corporations mentioned IN said section
2s Of this Act The ASSESSORS shall en-
ter upon their books the assessments 30
certified 10 them IN tho same manner
M they enter tho assessments OF the
railroads and OF telegraph telephone,
express, sleeping eur and pipe iine
companies,
Section 30, All corporations doing
business In this State, except corpora
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