First National Bank v. Concord
Supreme Court of New Hampshire
Aureal from the refusal of the tax assessors of Concord to abate a tax assessed to the plaintiffs in 1878. April 1, 1878, the bank had undivided profits amounting to more than $40,000 beyond the surplus required by law to be kept, the same being invested in government bonds, then on deposit in the treasury of the United States.
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Aureal from the refusal of the tax assessors of Concord to abate a tax assessed to the plaintiffs in 1878. April 1, 1878, the bank had undivided profits amounting to more than $40,000 beyond the surplus required by law to be kept, the same being invested in government bonds, then on deposit in the treasury of the United States. The city taxed the bank for its undivided profits and surplus thus invested, in this form, “Money on hand, at interest, or on deposit, $40,000,” the sum of $730.
1Opinion of the CourtDob, C. J.
The shares of a national bank are taxable at their value, which is the value of the whole capital, including the reserve and other surplus, whether invested in United States bonds or not. Of that part of the plaintiffs’ property, for some purposes called surplus, amounting to more than $70,000, more than $30,000 was not taxed; and the plaintiffs contend that the tax of the other $40,000 should be abated, because, in the assessment, and in the state law, the property is not called by its right name. On this appeal from the refusal of the assessors to abate the tax, it is the duty of the court…
2Cases cited2 opinions
- Edes v. BoardmanSupreme Court of New Hampshire · 1879
- Carpenter v. Town of DaltonSupreme Court of New Hampshire · 1879
3Cited by3 opinions
- Amoskeag Manufacturing Co. v. ManchesterSupreme Court of New Hampshire · 1899
- State v. U. S. & Canada Express Co.Supreme Court of New Hampshire · 1880
- Canaan v. Enfield Village Fire DistrictSupreme Court of New Hampshire · 1908