The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-04-20
Ty.-GEN.WEST
GIVES OPINION
BANK TAXATION
COMPTROLLER KNOTS RE-
QUEST FOR LAW COVERING
DISPUTED POINTS ANSWERED
CAREFULLY TO SATISFY THE
COUNTY TAX ASSESSORS.
BY FRANK HuFFAkER

Tallahassee, April 19.-Attorney-
General Thos. T. West has given to
Comptroller w. V. Knott the following
opinion with reference to the laws af-
fecting the taxation Of banks, the
opinion being requested because doubt
existed in the minds of county tax
assessors as to certain provisions of
the law:
THE owner or holder Of stock in any
incorporated company doing business
under corporate name shall not be
taxed for such stock; Provided, That
such stock is returned for taxation by
such incorporated company and taxes
are paid thereon by such company, or
the property Of said corporation is as
sessed for taxes where located and
taxes are then paid on such property.
1T is perfectly clear, under this
statute, that If the stock of an incor-
porated company is returned for tax
alton by such company, that the share
holders shall not also be taxed for such
stock, and it is also clear that If all
the property of such company is as
sessed where located, and taxes are
paid on such property, that neither the
company nor the shareholders shall be
taxed for the stock.
ut should be borne in mind that
property not responsibility is taxable,
and therefore. a bank should not be
required to pay taxes upon deposits
held by 1t since such deposits are
subject to check by the owners thereof
and are necessarily transient This
view is emphasized by the statutory
provision requiring the owners of such
deposits to return them for taxation.
This rule, however, should not be con-
fused with the provision REQUIRING cor
nj Nd
ing as agents and having in their pos
session or control moneys or credits
with view to investing or loaning
such moneys or credits for the owner,
to make return thereof for taxation.
Bearing in mind the constitutional
provision and statutory provisions,
state and federal, above quoted, l am
Of the opinion that the proper basis
Of valuation for the assessment and
collection of taxes of banks, both state
and national, in this state, and the ma
ture and character. of the property to
be assessed to such banks, or share
holders, is the capital stock Of such
banks, to which should be added the
surplus and undivided profits at the
time of making the assessment for the
purpose Of ascertaining the value Of
the capital stock, but after deducting
from the value of such capital stock
so ascertained, the assessed value of
any real estate owned and held by
such bank or banking company, which
an investment of the capt.
tai stock, upon which taxes are paid by
such bank or banking company.
THE power Of the state to tax a
national bank, it's property or its
shares is, as we have seen, confined
by federal statute to a taxation OF
the shares of its stock IN the names
Of and against the shareholders, and,
OF the real estate, in the name of and
a gainst the bank itself.
Tn view of this provision, I re-
specially advise that, in order to meet
the organic rule of uniformity, the
property and stock of all banks within
this state, be assessed IN this manner,
the tax on the shares of stock, how !
ever, to be paid, If desirable, by the |
bank or banking company as agent of |
the shareholders as provided by the |
state statute quoted herein"