People ex rel. Bankers' Safe-Deposit Co. v. O'Donnel

This is a proceeding to review by certiorari an assessment on the capital stock of the relator, a domestic corporation, for the year 1906. It appears that part of the relator’s property was its safe-deposit vaults and fixtures, and the relator claims that the vaults were real estate; that they were valued and assessed as such, and that they cannot be valued differently for two different purposes of taxation. This contention entirely overlooks the well-established principle that, in determining the value of the capital stock of a domestic corporation for the purposes of taxation, it is lawful…