Hawkeye Insurance v. Board of Equalization
Supreme Court of Iowa
Appeal from Polk Circuit Court. Plaintiff is an insurance corporation having its place of business in the city of Des Moines. In 1885 the city assessor assessed it $77,986.47 on moneys and credits. The board of equalization reduced the assessment to forty thousand dollars. Plaintiff appealed to the circuit court. On a hearing on the merits the court entered an order reducing the assessment to $20,945.39, and from that order both parties appeal.
1Opinion of the CourtReed, J.
— Plaintiff’s capital stock is one hundred thousand dollars. Of that amount twenty-five thousand dollars has been paid up, and for the remaining seventy-five thousand dollars it holds the obligations of the stockholders. The circuit court'held that it was not liable to assessment on either of these amounts, and defendant’s appeal is from that part of the order. It also held that plaintiff was liable to assessment on its monies and credits — after deducting from the amount certain unpaid losses, and' forty per cent, of the gross premiums — and plaintiff’s appeal is from that part of the order.…
2Cases cited1 opinion
- Equitable Life Insurance v. Board of EqualizationSupreme Court of Iowa · 1888
3Cited by4 opinions
- Morril v. BentleySupreme Court of Iowa · 1911
- Michigan Mutual Life-Insurance v. Commom CouncilMichigan Supreme Court · 1903
- First National Bank v. City CouncilSupreme Court of Iowa · 1892
- Merchants' National Bank v. Dawson CountyMontana Supreme Court · 1933