People ex rel. Lorena Co. v. Morgan
Appellate Division of the Supreme Court of the State of New York
Certiorari issued out of the Supreme Court and attested on the 24th day of April, 1900, directed to William J. Morgan, as Comptroller of the State of Rew York, commanding him to certify and return to the office of the clerk of the county of Albany all and singular his proceedings had in the settlement of the account for taxes assessed against the relator for the years 1896,1897 and 1898. The relator is a domestic corporation, incorporated June 27, 1896, for the purpose of…
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Certiorari issued out of the Supreme Court and attested on the 24th day of April, 1900, directed to William J. Morgan, as Comptroller of the State of Rew York, commanding him to certify and return to the office of the clerk of the county of Albany all and singular his proceedings had in the settlement of the account for taxes assessed against the relator for the years 1896,1897 and 1898. The relator is a domestic corporation, incorporated June 27, 1896, for the purpose of owning, renting and dealing in real estate. The relator’s capital stock is $500,000 and its entire property consists of…
1Opinion of the Court
Edwards, J.:
The basis on which a tax against the relator should be assessed is its capital stock appraised at its actual value in cash. Its actual *267value is the value of its assets after deducting its liabilities. (People ex rel. Wiebsch & H. Co. v. Roberts, 154 N. Y. 101; People ex rel. Journeay & B. Co. v. Roberts, 37 App. Div. 1.)
The return does not disclose the process by which the Comptroller arrived at the value of the capital stock, but it is evident that he assumed that its par value, $500,000, was its real value. He says in his return “ that he based his determination on said revision…
2Cases cited2 opinions
- People Ex Rel. Wiebusch & Hilger Co. v. RobertsNew York Court of Appeals · 1897
- People ex rel. Journeay & Burnham Co. v. RobertsAppellate Division of the Supreme Court of the State of New York · 1899
3Cited by1 opinion
- People ex rel. Chas. Kohlman & Co. v. LawAppellate Division of the Supreme Court of the State of New York · 1924