Farmers and Mechanics Sav. Bank of Minneapolis v. Minnesota
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF MINNESOTA. The facts, which involve the constitutionality of certain tax statutes of Minnesota as applied to bonds issued by municipalities in Indian Territory and the Territory of Oklahoma, are stated in the opinion. The tax in question is a property tax. The general opinion of the profession has been in favor of non-taxability of bonds of territorial municipalities.
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ERROR TO THE SUPREME COURT OF THE STATE OF MINNESOTA. The facts, which involve the constitutionality of certain tax statutes of Minnesota as applied to bonds issued by municipalities in Indian Territory and the Territory of Oklahoma, are stated in the opinion. The tax in question is a property tax. The general opinion of the profession has been in favor of non-taxability of bonds of territorial municipalities. Federal agencies and instrumentalities are non-taxable by the States. The Federal Government cannot tax the bonds of the municipalities of a State. That part of § 3, of c. 328, Laws of…
1Opinion of the CourtJustice Pitney
of the court.
This writ of error brings under review a judgment of the Supreme Court of Minnesota (114 Minnesota, 95) affirming the judgment of a lower court, in proceedings for the collection of taxes assessed against plaintiff in error for the year 1908. Plaintiff in error is a savings bank, having no capital stock, and was taxable under § 839, R. L. 1905, which provides for ascertaining the surplus remaining after deducting from its assets (other than real estate, which is separately assessed), the amount of the deposits and of all other accounts payable; the surplus to be taxed as…
2Cases cited20 opinions
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Osborn v. Bank of United StatesSupreme Court of the United States · 1824
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- Bell's Gap Railroad v. PennsylvaniaSupreme Court of the United States · 1890
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
15 more not listed; retrieve them via the Exa API.
3Cited by100 opinions
- Smith v. Kansas City Title & Trust Co.Supreme Court of the United States · 1921
- Metcalf & Eddy v. MitchellSupreme Court of the United States · 1926
- Burnet v. Coronado Oil & Gas Co.Supreme Court of the United States · 1932
- Lawrence v. State Tax Comm'n of Miss.Supreme Court of the United States · 1932
- Johnson v. MarylandSupreme Court of the United States · 1920
95 more not listed; retrieve them via the Exa API.