The Nevada County picayune., 1912-07-05

| Ht pItSlueHlr SttItNaEy UT PI accounting officer or other repr sen tative shall make and file with the as sesSor sworn statement wherein shall i be distinctly set forth: l l. The number of shares of capital | stock outstanding and the face value i of cack oe saaie.
 2. The total capital stock paid In or secured to be paid in by note or other i wise.
 3, The surplus and undivided profits belonging to the company l 1. The market value, and if no mar ket value, the actual value of each share l of stock
 5. The aggregate value of all shares of stock.
 G. The assessed value of any real es- tate that may be owned by the com l pany, association or corporation
 The sixth item shall be deducted from the fifth item and the remainder shall l 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 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 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
 
 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 assocfa- tion or corporation paying a tax on shares of stoci; 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 ing and loan associations shall he 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:
 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 insta lment stock This shall include all instali- ment stock sold and outstanding whether 1 the same under the terms of the con- tract has a loan or withdrawal value i 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 i thereon
 4 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 l of the first. second and third items and the remainder shall be deemed to be the aggregate value of the unpledged l shares of stock outstanding. Said sum 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 shall have lien on the unpledged shares l of stock outstanding on February st. the year the assessment is made, for 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 as above provided shall be null and void
 Section 2S. Every power. heating. electric, gas. water street car. toll road toll bridge and other similar corpora ton, commonly known as a public utility l corporation doing business In this State (except railroad, telegraPt tele- phone express. sleeping car 'pe line companies. the assessment of property is otherwise providef |. shall, through it's president, secretary or principal manager or officer, annu- ally. on February 1st, make and file 1 with the Arkansas Tax Commission a
 
 set forth:
 1. The name and principal office of the corporation.
 9. 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 SaRnrifiaG hNt ha taV 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 l fourth items less the firth shall be deemed to be the value of the personal l property of the company. It is the 1 purpose of this Act to tax everything that adds to the value of the stocks | and bonds of the corporations described 1 Tn this section, including every kind of l incorppreal and intangible property such | as easements and franchises of every l kind. except the right to be a corpora | ton, provided, that in the year 19l1 l the corporations. whose assessment is provided for in this section. shall make che return herein prescribed and file the same with the Arkansas Tax Com mission on or before the first of July l of said year.
 Section 29. The Arkansas Tax Com mission shall assess the personal prop erty of the several corporations set out l in section 2S hereof at the same time and in the same manner as it assesses i the property of the railroads. and of telegraph, telephone, express. sleeping ar and pipe line companies. It shall 1eep record of the assessments of such corporations as made by 1t and i 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- 1 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 i companies
 Section 30. All corporations dolne business in this State except corpora. i tlors 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 % and 27 of this Act. shah in addition to the lists prescribed by sec. tion l6. IS, l9 21 and 22 hereof make and file with the assessor a statemenl