State Tax Commission v. Baltimore National Bank

This appeal submits but one question, whether national bank stock, while owned and held by the Reconstruction Finance Corporation, may be taxed by the State. The Baltimore National Bank issued 50,000 shares of preferred stock, having a par value of $20 each, which on August 20th, 1933, it sold to the Reconstruction Finance Company, which still owns and holds the entire issue.

On April 20th, 1936, the State Tax Commission of Maryland notified the Baltimore National Bank that it had assessed that stock for purposes of taxation at $1,000,000. On May 4th, 1936, the bank filed a protest against the…