The Washington herald., 1921-02-15
LOCAL BANKERS
TOFILE PREPARED
PROTEST BLANKS
Latest Action Grows Out
Of Meeting Held Fri
day, Last.
IS DRAWN BY HOGAN
Forms Appeal From Assess
ment Made by Board on
Four Specific Counts.

The meeting OF the District
Bankers Association of last Friday
called for the purpose Of consider
ing with their counsel steps TO
reneI the termed unjust" taxation
levied upon them, bore tirst fruit
yesterday morning in the shape OF
protest forms which were received
by all local banks. This form con-
sists Of an especially prepared
blank, drawn up by Attorney Ho-
gan, on which the banks will state
their appeals from the assessment
made by the Board OF Personal Tax
Appraisers on banks gross earn
ings at per cent for the fiscal
year ended June 80, 1920.
The appeals from the original
assessment will be made on four
specific counts which are as fol-
lows:
l. There is included in the gross
earnings interest received by banks
on bonds issued by the United
States government which by their
terms and by the terms of the law
under which they were issued are
nontaxable as to principal and in
terest. and bonds and certificates
OF lnQGDleuucsS VI tue NllLNCN
states government which by their
terms and the terms Of the law
under which issued are nontaXable
as to principal and. interest except
as to (a) inheritance taxes and
tb) Federal income surtaxes, and
excess profit and war profit taxes
imposed by the United States.
Contention is made by local
crnment bonds and certificates is
not subject to taxation as part Of
their gross earnings under the pro-
visions of the act OF Congress ap-
proved July 1, 1902, as amended
by the act approved April IS. 1914,
and March 3, 1917.
State Bonds Interest.
>, There is also included in the
gross earnings, enormously fixed by
the Board of Personal Tax Apprais-
ers as gross earnings, interest re-
Ceived by banks on State. munich
pal and county bonds. issued by
States of the United States and po-
liticaI divisions thereof. which as
claimed in the gross earnings are
nOUtaEable under the laws of the
nCntaXable under the above speCi-
fed personal property tax laws un-
der which the Board of Personal
Tax Appraisers has assumed to act
The amount Of this item is set
forth in the personal property tax
return submitted by banks in July
last
;. There is also included in the
gross earnings. dividends received
by banks on Federal Reserve Bank
stock held by it which, as claimed
in the aforementioned return of
banks, is nOntaxable undtr the laws
of the United States and specfncaI-
ly is nOntaxable under the above
specified personal property tax laws
under which the Board Of Persona
Tax Appraisers has assumed to act
The amount Of this item is also
set forth in the personal property
tax return submitted by banks II
July last. -
legged to represent the gross earn.
ings Of banks for the year ended
June 80. 1920. the Board Of Per.
sOnal Tax Appraisers has failed tc
NSNNNl bAllNH lOSStS curing ina
year as result of bad debts. etc.
and OF interest paid by banks t.
its depositors and of the incom,
received by banks on the invest.
ment Of their capital. surplus anC
profits, the amounts Of which items
were set forth in the banks afore.
said return
As to these several items. the
banks repeat the claim made in
their return that they are sever,
ally deductible from the gross sun
received by them in the said wear
in arriving at the amount of il,
taxable gross earnings under the
provisions of the aforesaid persona,
personal property tax laws of the
District Of Columbia.
In conclusion, the form respect
fully asks for a reassessment or
gross earnings for the twelve
months next preceding the 3Oth day