The Forrest City times., 1912-06-07
bu.in... shall asses. for taxation as

l. The number of shares of capital
 stock outstanding and the face value ?. 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. {. The market value and if no mar l of stock
 ,. The aggregate value of al1 sharss 1 of stock.
 6. The assessed value of any real es- l 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 1 De taken as a basis for assessing the | shares of stock of said company The assessment shall be made against l the company. association or corpora- i tton as the agent of it's share holders 1 that Is to say. the tax shall be assessed against the shares of stock and not
 against the capital stock or property l belonging to the corporation 1 In reckoning the assessable yalua of | such shares of stock no allowance shall l be given for any United States bonds or other hon-taSable securities or for any stocks or bonds owned by the com ! pany. and which may be otherwise tax ed. For purposes of taxation 1t is the purpose of this section to recog- | n1Ze the shares of stock in the corpo- ration as the property to be taxed and to require tine officers of the corpora
 tions to assess same for the owners
 Section 25 Any company. associa- ton or corporation paying tax on shares of stock provided in section 70 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 in money. The president. secretary cash fer or principal managing officer of the ' rpmDanV aGSnriatfnn hall 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. ?. 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 tnstallment stock. This shall include all install
 ment stock sold and outstanding whether the same under the terms of the con tract has q loan or withdrawal yalue ! or not Stock that has no loan or with drawal value under the terms of the contract under which sold shall he held to be worth the actual amount paid thereon.
 4. The assessed value of all the real estate belonging to the company. ,. 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 l the remainder shall be deemed to be i the aggregate value of the unpled ged shares of stock outstanding. Said sum shall be used as a basis for assessing ! the shares of stock of said building and 1 loan association and the assessment
 shall be against the association as agent for it's stockholders The associa- l ton shall pay the tax so assessed and
 shall have lien on the unpledged shares or stock outstanding on February lst. the year the assessment is made.
 TOT the amount so paid. Any contract attempting to impose upon the pledged shares of stock in building and loan association any part of the tax assessed void
 Section 2S. Every power, heating. electric. gas. water. street car. toll road toll bridge and other similar corpora tlon commonly known as public utility corporation doing business in this state teXcept railroad. telegraph. tele- phone. express, sleeping car and pipe 1 line companies. the assessment of whose | property is otherwise provided for) small through its president, secretary or principal manager or officer, annu- ally on February 1st make and file with the Arkansas Tax Commission a statement in which shall be distinctly set forth:
 l. The name and principal office of the corporation.
 ?. The total face value of all out standing common stock: the market. and ! 1T no market, the actual value of same 3 The total face value of all out Stancing preferred stock, the market and if no market, the actual value of such stock.
 I, The total outstanding bonds and other similar securities bv whateVer name called, secured by mortgage or deed or trust on any part of the prop "rty belonging to said company: the
 market and if no market, the actual value of same
 3. 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
 aeeihed to be the value of the personal property of the company. II is the purpose of this Act to tax everything | that adds to the value of the stocks and bonds of the corporations described m this section, including every kind of lhcorporeal and intangible property, such as easements and franchises of every kind, except the right to be a corpora uoh' 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 or said year.
 Section 29. The Arkansas Tax Com mission shall assess the personal prop erty of the several corporations set out i Tn section 2S hereof at the same time : anu III the same manner as it assesses the property of the railroads and of
 telegraph, telephone, express. sleeping car and pipe line companies It shall
 keep record of the assessments of such corporations as made by il and small certify out to the several assess ors or the State the valuations, as de termlned by 1t. 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. companies.
 Section 90. All corporations doing business in this State. except corpora ! tons 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 25 and 27 of this Act shall in addition to the lists prescribed by sec 1 tion l6 IS. 19. 21 and 22 hereof. make and He with the assessor a statement wherein shall be distinctly set forth: l. The name. location and principal office of the corporations. 2. The number or shares of stock of said corporation outstanding and the