The Huttig news., 1912-06-01

The president secretary or principal accounting officer or other represen- | tative shall make and file with the as- sessor sworn statement wherein shall be distinctly set forth:
 1 l. The number of shares of capital 1 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 l wise.
 3. The surplus and undivided profits l belonging to the company
 l. The market value. and if no mar Ret value. the actual value of each share of stock
 D The aggregate value of all shares | of stock.
 6 The assessed value of any real es- I tate that may be owned by the com pany association or corporation.
 The sixth item shall be deducted from the firth item and the remainder shall be taken as basis for assessing the shares of stock of said company 1 The assessment shall be made against the company, association or corpora l ton IS the agent of its share holders that IS to say, the tax shall be assessed against the shares of stock and not against the capital stock or property 1 belonging to the corporatio I In reckoning the assessable value of such shares of stock no allowance shall be given for any United States bonds or other non-taxabie securities or for any stocks or bonds owned by the com pany. and which may be otherwise tax 1 IT 1 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- 1 tfon 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 27. Shares of stock of build l If3rv Drr1 1f1saa ,s,.NEo
 sessed at their true and full value in money. The president. secretary cash 1 fer or principal managing officer of the company or association shall make a l return to the assessor wherein shall be l stated:
 l. 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 1 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 l tract has a loan or withdrawal value or not. Stock that has no lean or with drawal value under the terms of the contract under which sold shall he held to be worth the actual amount paid thereon.
 f The assessed value of all the real eSldte DtioilSlHS .to tile 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 l of the first. second and third items and y the remainder shall be deemed to b,
 the aggregate value of the unp1edges g shares ot stock outstanding. Said sur y shall be used as basis for assessing : the shares of stock of said building ane
 loan association and the assessmen 5 shall be against the association a. agent for its stockholders. The associa ton shall pay the tax assessed and
 shall have lien on the unpiedged shares
 or stock outstanding February ist, 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 assesse1 as above provided shall be null and 1 void
 Section 2s. Every power. heating. electric, gas. water. street car. toll road. 1 toll bridge and other similar corpora tion. commonly known as public utility l corporation doing business in this State fexcept rairoa1. telegraph. tele- phone, express. sleeping car and pipe line companies. the assessment of whose property is otherwise providei for), shall. 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. l the corporation.
 2. The total face value of all out standing common stock. the market and 1 # no market. the actual value Of same
 g. The total face value of all out standing preferred stock: the market and if no market, the actual value of such stock.
 I. The total outstanding bonds and other similar securities by atever l name called, secured by mortgage 1 deed of trust on any part of the prop erty belonging to said company; the market and if no market the actual l value of same
 5. The assessed value of all real es- tate belonsing to the company.
 The total of the second, third and 1 fourth items less the fifth shall be deemed to be the value of the personal property of the company. It 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 1 kind, except the right to be a corpora tion; provided, that in the year 1911. the corporations. whose assessment is 1 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 29. The Arkansas Tax Com mission shall assess the personal prop 1 city VI lile several set out | in section 28 hereof at the same time and in the same manner as it assesses the property of the railroads, and of l telegraph, telephone, express. sleeping car and pipe line companies It 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- 1 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 business in this State, except corpora l tions whose property is assessed by the Arkansas Tax Commission and the cor l 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 tion 16. IS. 19, 21 and 22 hereof. make and file with the assessor statement wherein shall be distinctly set forth: l. The name, location and principal office of the corporations. 2. The number of shares of stock of said corporation outstanding and the | face value of each share. | arlxa at nf oh, Shor