People ex rel. City Investing Co. v. Saxe
Appellate Division of the Supreme Court of the State of New York
Certiorari issued out of the Supreme Court and attested on the 12th day of July, 1916, directed to Martin Saxe and others, as the State Tax Commission, commanding them to certify and return to the office of the clerk of the county of Albany all and singular their proceedings had in refusing to revise a franchise tax assessed against the relator under section 182 of the Tax Law (Consol. Laws, chap. 60; Laws of 1909, chap. 62).
1Opinion of the Court
Kellogg, P. J.:
The relator owns and operates an office building in New York city. It pays a seven per cent dividend upon its preferred stock, but no dividend upon its common stock. We are only *17interested in the assessment for the franchise tax with reference to the common stock.
Under sections 182 and 193 of the Tax Law, no dividend having been paid on the common stock, its actual value is the basis for the computation of the tax, except that the value cannot be fixed at less than the average sales price for the year. There can be no dispute from the evidence that the property of the company…
2Cases cited1 opinion
- People ex rel. Metropolitan Securities Co. v. KelseyAppellate Division of the Supreme Court of the State of New York · 1905