People ex rel. Weber Piano Co. v. Wells
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendants, James L. Wells and others, as commissioners of taxes and assessments of the city of New York, from an order of the Supreme Court, made at the New York Special Term and entered in the office of the clerk of the county of New York on the 21st day of March, 1904, vacating an assessment upon the capital stock of the relator for the year 1903.
1Opinion of the Court
Laughlin, J.:
The question of law presented for decision by this appeal is,, whether a domestic stock corporation which owns real estate subject, to a mortgage, it not being liable for the indebtedness thus secured, is entitled to have the assessed valuation of the real estate deducted from the value of its capital stock in determining the assessable, value of the capital stock where its equity in the real estate only was considered in determining the value of the capital stock. The, statutory provision under which the capital stock of such a corporation is assessed is section 12 of the Tax…
2Cited by2 opinions
- In re the Estate of ErlangerNew York Surrogate's Court · 1932
- People ex rel. Knickerbocker Safe Deposit Co. v. WellsAppellate Division of the Supreme Court of the State of New York · 1904