First National Bank v. Board of Equalization
Supreme Court of Arkansas
Appeal from Independence Circuit Court; Frederick D. Fulkerson, Judge; 1. Capital stock of a national bank invested in United States bonds is not subject to taxation.
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Appeal from Independence Circuit Court; Frederick D. Fulkerson, Judge; 1. Capital stock of a national bank invested in United States bonds is not subject to taxation. Rev. Stat. U. S. § 3701; 2 Pet. 449; 2 Black (U. S.) 620. The capital stock of a national bank cannot be assessed by State authority. 4 Biss. 472; 53 N. Y. 49; 3 Dill. 298; 52 S. E. 494. The only theory upon which this assessment could be upheld is that the effect of the action of the board of equalization was to assess the shares of the shareholders; but that was not done nor attempted. The record shows that it was the property…
1Opinion of the CourtMcCulloch, C. J.
Appellant, a national banking corporation domiciled and doing business at Batesville, Arkansas, listed with the tax assessor the amount of its capital stock and undivided profits, deducting therefrom the amount of capital stock invested in real estate and in bonds of the United States. The county board of equalization struck out the deduction for said investment in bonds, and on successive appeals to the county and circuit courts the action of the board was sustained. The bank appealed to this court.
The question at issue on this appeal is whether, under the statutes of'this State and the…
2Cases cited14 opinions
- National Bank v. CommonwealthSupreme Court of the United States · 1870
- Van Allen v. AssessorsSupreme Court of the United States · 1866
- Bank of Commerce v. Tennessee Ex Rel. MemphisSupreme Court of the United States · 1896
- Owensboro National Bank v. OwensboroSupreme Court of the United States · 1899
- Aberdeen Bank v. Chehalis CountySupreme Court of the United States · 1897
9 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- State ex rel. Attorney General v. Bodcaw Lumber Co.Supreme Court of Arkansas · 1917
- State ex rel. Attorney General v. Fort Smith Lumber Co.Supreme Court of Arkansas · 1917
- State v. LovejoySupreme Court of Alabama · 1914
- In re Feliciana Bank & Trust Co.Supreme Court of Louisiana · 1918
- Taylor v. HaleSupreme Court of Arkansas · 1933
1 more not listed; retrieve them via the Exa API.