Adams v. First Nat. Bank
Mississippi Supreme Court
Appeal from the circuit court of Harrison county. Hon. J. H. Neville, Judge. Proceeding by Wirt Adams, state revenue agent, against the First National Bank of Gulfport. From a judgment for defendant, plaintiff appeals. The facts are fully stated in the opinion of the court.
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Appeal from the circuit court of Harrison county. Hon. J. H. Neville, Judge. Proceeding by Wirt Adams, state revenue agent, against the First National Bank of Gulfport. From a judgment for defendant, plaintiff appeals. The facts are fully stated in the opinion of the court. The question presented to the court here is this: Is the property of the First National Bank of Gulfport taxable that is set out in the state revenue agent’s claim before the board of supervisors, which constitutes the basis of the complaint in this cause, to wit, capital stock, surplus, undivided profits, and any and all…
1Opinion of the CourtSmith, C. J.
This is a proceeding in-which the revenue agent is attempting to back-assess the shares of appellee’s capital stock, together with the accumulations thereon for the years 1902 to 1907, inclusive, during which it is alleged that these shares have escaped taxation. Appellee is a national bank, and claims, and the court below held, that the tax is imposed against it upon its capital stock as such, which the state is without power to do . It is true that a national bank is not subject to taxation upon its capital stock by the state or any subdivisión thereof, but the shares into which its capital…
2Cases cited3 opinions
- Home Savings Bank v. City of Des MoinesSupreme Court of the United States · 1907
- State ex rel. District Attorney v. SimmonsMississippi Supreme Court · 1892
- First Nat. Bank of Jackson v. McNeelCourt of Appeals for the Fifth Circuit · 1917
3Cited by1 opinion
- First National Bank v. AdamsMississippi Supreme Court · 1920