Chicago, Burlington & Quincy Railroad v. Cole
Illinois Supreme Court
Appeal from the Circuit Court of Du Page county; the Hon. Sllvanus Wilcox, Judge, presiding. This was a hill in equity, by the appellant against the appellees, to enjoin the collection of a tax. The opinion states the material facts.
1Opinion of the CourtJustice Scholfield
We deem it sufficient for the present to discuss but a single question arising on this record.
The substance of the rule adopted by the State Board of Equalization for determining the value of the capital stock, including the franchise, over and above the assessed value of the tangible property of corporations, under the 4th clause of section 3 of the revenue act of 1872, was, to add the market or cash value of the shares of capital stock to the market or cash value of the debt, and from the sum thus produced, deduct the assessed value of the tangible property. Without attempting to justify…
2Cases cited1 opinion
- Porter v. Rockford, Rock Island & St. Louis RailroadIllinois Supreme Court · 1875
3Cited by32 opinions
- Clarendon Associates v. KorzenIllinois Supreme Court · 1973
- Law v. People ex rel. HuckIllinois Supreme Court · 1877
- People's Gas Light & Coke Co. v. StuckartIllinois Supreme Court · 1918
- State ex rel. Bee Building Co. v. SavageNebraska Supreme Court · 1902
- State Board of Equalization v. People ex rel. GogginIllinois Supreme Court · 1901
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