State ex rel. Hansen v. Cary

The appeal raises the question whether a stock dividend ■ declared solely upon an appreciation of corporate assets was subject to an income tax in 1920. It does not raise the question whether it is taxable within the income tax amendment of 1911 to the constitution, or whether it should be taxed as income ór profits. The inquiry is, Had the legislature, prior to the levy of this tax, made such a stock dividend subject to a tax?

Our constitution provides that “taxes shall be levied upon such property as the legislature shall prescribe” . . . and “may also be imposed on incomes . .„ . and…