Planters Bank & Trust Co. v. Town of Lumberton
Supreme Court of North Carolina
Abpeal by plaintiff from Allen, J., at the January Term, 1920, of ROBESON. This action was instituted upon an agreed statement of facts, to determine the right of the defendant, town of Lumberton, to levy and collect, for municipal purposes, a tax upon the shares of stock of the plaintiff banks owned by the nonresidents of the town of Lumberton, but residents of the State of North Carolina.
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Abpeal by plaintiff from Allen, J., at the January Term, 1920, of ROBESON. This action was instituted upon an agreed statement of facts, to determine the right of the defendant, town of Lumberton, to levy and collect, for municipal purposes, a tax upon the shares of stock of the plaintiff banks owned by the nonresidents of the town of Lumberton, but residents of the State of North Carolina. All of the plaintiff banks have paid, under protest, to the defendant town of Lumberton the taxes assessed by said defendant against thé shares of their capital stock owned by nonresidents of the town of…
1Opinion of the CourtAllen, J.
The determination of the situs of personal property for purposes of taxation is addressed to the General Assembly, which may provide different rules for different binds of property, and change them from time to time, and when it has acted no consideration of expediency will authorize the courts to disregard the legislative will. Winston v. Salem, 131 N. C., 405.
“The capital stock of a corporation is assessable to the corporation itself at its principal place of business. But shares of such stock, considered as the property of their individual holders, are taxable to such holders at their…
2Cases cited1 opinion
- City of Winston v. City of SalemSupreme Court of North Carolina · 1902
3Cited by3 opinions
- City of Dallas v. Texas Prudential Insurance Co.Texas Supreme Court · 1956
- In re Appeal of Bassett Furniture Industries, Inc.Court of Appeals of North Carolina · 1986
- Rockingham v. . Hood, Comr.Supreme Court of North Carolina · 1933