Kruse v. Gaines

By action for declaratory judgment plaintiffs sought relief from taxation of moneys and credits at more than 60 percent of actual value. From judgment entered adverse to plaintiffs they appealed.

The single law issue presented in this case is whether moneys and credits should be assessed and taxed for the years 1960 to 1965 at 60 percent or at 100 percent of actual value.

Sections 429.2 and 429.3, Code, 1962, in their present form, in effect since prior to 1931, provided as follows:

“429.2 Moneys — credits—-annuities—bank notes — stock. Moneys, credits, and corporation shares or stocks, except…