The Brinkley argus., 1912-05-31


 banking business for the current year by such bank Said sum shall be taker as a basis for assessing the shares o1 stock of said bank
 Section 23. The total value of the property of the bank employed In the banking business as determined by ap- plying the rule laid down in section zz hereof, shall be taken to represent the total value of all shares of stock o1 said bank. The returns required to De made under section 22 hereof shall De made by the person required to make it for and on behalf of the stockholders of the bank. The assessment snail pc made against the bank In the aggre- gate as agent for the holders of the shares of stock. The taxes assessed against the shares of stock so listed shall be paid by the bank, and it may re- cover from the owner or owners of such shares the amount of taxes paid or deduct the same from any dividends accruing on said shares. The amount of taxes paid by any bank on shares of stock as herein provided shall be first lien on such shares. and shall be paio | before a transfer of such shares of stock can be made.
 Section 24. Every person. associa- ! ton of persons. company or corporation whether authorized by law to issue notes for circulation not, that shall | keep an office, counting house, or other place for the transaction Of business IT this State. and shall discount, buy, sell 1 or exchange notes bonds. stocks, certl- l ficates of public debt, claims or demands | with view to profit shall be deemed to be a bank within the meaning Of this l Act.
 Tn assessing the shares of stock of l any bank State or National, as herein | provided, no credit, allowance or de- l duction of any kind shall be made by | reason of the fact that any part of the | capital surplus or undivided profits of such institutions is invested in United | States bonds, or other non-taxable se- | curities or securities otherwise taxed l Section 25. Every association or cor | poration organized under the laws of this State and doing business therein | and engaged in life fire, live stock, acci- | dent or other kind of insurance buSi- ness, or any kind of security, guaranty, | bonding or indemnity business, or in | any kind of investment, loan or trust | business shall assess for taxation as l follows:
 | The president, secretary or principal l accounting officer or other represen- | tatve shall make and file with the as- | sessor sworn statement wherein shall | be distinctly set forth:
 l l. The number of shares of capital | stock outstanding and the face value | of each of same.
 l 2. The total capital stock paid in or l secured to be paid in by note or other
 3. The surplus and undivided profits belonging to the company. l 4. The market value, and if no mar l Nct ' diuct tHc dCtudl Ol SdCH ohdi z | of stock
 | 5. The aggregate value of all shares | 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 l 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 l 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 I 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- tion or corporation paying a 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 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 | company or association shall make a return to the assessor wherein shall be stated: 6 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 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- tract has loan or withdrawal yalua or not Stock that has no loan or with drawal value under the terms of the contract under which sold shah be held to be worth the actual amount paid
 A. The assessed value of all the real estate belonging to the company
 5. The value of all stock pledged to ths 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 tc be | the aggregate value of the unpledged | shares of stock outstanding Said sun l shall be used as basis for assessing the shares of stock of said building and loan. association and the assessment shall be against the association a: agent for it's stockholders The associa tion shall pay the tax so assessed ant shall have lien on the unpledged shares or stock outstanding on February lst, the year the assessment is made for the amount so paid. Any contrac attempting to impose upon the pledged shares of stock in a building and loai association any part of the tax assessed as above provided shall be null ant void
 Section 2s. Every power, heating electric. gas. water. street car toll road toll bridge and other similar corpora tion, commonly known as a public utilit, corporation doing business in thi: State (except railroad, telegraph. tele- phone. express. sleeping car and pip' line companies. the assessment of whose 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 distinctl, set forth:
 l. The name and principal office ot the corporation.
 9 The total face value of all out standing common stock; the market, anc 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 ol such stock.
 4. The total outstanding bonds ant other similar securities by whatevel name called, secured by mortgage O deed of trust on any part of the prop erty. belonging to said company; tn, market. and if no market the actua value of same.
 5. The assessed value of all real es tate belonging to the company