The Park Bank v. . Wood
New York Court of Appeals
Appeal from the Supreme Court. Case agreed upon pursuant to section 372 of the Code, and submitted without action. The Park Bank claimed that it was not liable to taxation on its capital stock until one year from the date of its commencing its banking business on the 31st of March, 1856. In July, 1856, it was assessed upon such capital by the assessors of the City of Mew York, the tax amounting to $21,000. It claimed to commute by paying $2,400, being five per cent upon the…
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Appeal from the Supreme Court. Case agreed upon pursuant to section 372 of the Code, and submitted without action. The Park Bank claimed that it was not liable to taxation on its capital stock until one year from the date of its commencing its banking business on the 31st of March, 1856. In July, 1856, it was assessed upon such capital by the assessors of the City of Mew York, the tax amounting to $21,000. It claimed to commute by paying $2,400, being five per cent upon the net profits or clear income which had accrued from its business. This claim being rejected by the board of supervisors,…
1Opinion of the CourtLott, J.
It was provided by an act of the legislature, passed July 21,1853 (ch. -654), that any incorporated company named in an assessment-roll upon proof mode to the board of supervisors, as therein required, that it had “ not been during the preceding year in the receipt of net annual profits or clear income, equal to five per cent ” on the capital stock paid in or secured to be paid in after deducting therefrom the assessed value of its real estate, should be “ entitled to commute for their taxes on such capital stock by paying directly to the treasurer of the county in which the business of such…
2Cited by4 opinions
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