Dallas County v. Home Fire Insurance
Supreme Court of Arkansas
Appeal from Dallas Circuit Court; Henry W. Wells, Judge; statement by the court. The Home Fire Insurance Company filed a petition in the county court of Dallas County, asking to be relieved from an alleged illegal assessment. It alleged that it is an insurance corporation organized under the laws of the State of Arkansas, with its domicil at Fordyee in Dallas County.
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Appeal from Dallas Circuit Court; Henry W. Wells, Judge; statement by the court. The Home Fire Insurance Company filed a petition in the county court of Dallas County, asking to be relieved from an alleged illegal assessment. It alleged that it is an insurance corporation organized under the laws of the State of Arkansas, with its domicil at Fordyee in Dallas County. That the county board of equalization increased the assessed valuation of its capital stock and surplus from $1,000 to $162,500 for the taxes of 1909. That its capital stock is $325,000; that the sum of $317,703.75 of said…
1DissentMcCulloch, C. J.
If my views were to be expressed as to what the law ought to be, I would concur in the opinion of the other judges; but, since we are called on to declare what the law is, I must dissent. The majority hold, as I understand, that an insurance corporation must assess for taxation the whole of its capital stock at par value, regardless of the investment of a part thereof in non-taxable shares of stock in another corporation. This, I think, is in the teeth of the express language of the statute and of prior decisions of this court.
In Hempstead County v. Hempstead County Bank, 73 Ark. 515, Chief…
2Cases cited2 opinions
- Dallas County v. BanksSupreme Court of Arkansas · 1908
- Hempstead County v. Hempstead County BankSupreme Court of Arkansas · 1905