Farmington v. Downing
Supreme Court of New Hampshire
Bill in Equity, to compel the payment of the taxes hereinafter mentioned. ITacts agreed. April 1, 1890, Downing was the owner of fifty shares of the capital stock of the Farmington.
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Bill in Equity, to compel the payment of the taxes hereinafter mentioned. ITacts agreed. April 1, 1890, Downing was the owner of fifty shares of the capital stock of the Farmington. National Bank of Farmington, and was assessed a tax thereon in Farmington of $129.25. April 1, 1891, he was the owner of one hundred shares of stock, and was assessed a tax thereon in Farmington of $288. The shares at the time of the respective assessments were, ever since have been, and still are pledged by Downing to the Cochecho Savings Bank as collateral security for money owing by him to the latter bank in a…
1Opinion of the CourtClark, J.
State taxation of national bank shares is permitted, subject to the restriction that it shall not be at a greater rate-than is assessed upon other moneyed capital in the hands of individual citizens of the same state. U. S. Rev. Sts., s. 5219. For taxable purposes Downing’s national bank stock is to be treated as money on hand or at interest; and if he had been a resident of this state, the excess only of the par value of the stock over his interest-bearing indebtedness would have been taxable (Weston v. Manchester, 62 N. H. 574, Peavey v. Greenfield, 64 N. H. 284), and as there was no…
2Cases cited9 opinions
- Boody v. WatsonSupreme Court of New Hampshire · 1886
- Edes v. BoardmanSupreme Court of New Hampshire · 1879
- Larkin v. PortsmouthSupreme Court of New Hampshire · 1879
- Carpenter v. Town of DaltonSupreme Court of New Hampshire · 1879
- Peavey v. GreenfieldSupreme Court of New Hampshire · 1886
4 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Gisclair v. Louisiana Tax CommissionSupreme Court of Louisiana · 2009
- Connecticut Valley Lumber Co. v. MonroeSupreme Court of New Hampshire · 1902
- Pelham Plaza v. Town of PelhamSupreme Court of New Hampshire · 1977
- Nottingham v. Newmarket Manufacturing Co.Supreme Court of New Hampshire · 1930
- Orient Ins. v. Board of AssessorsSupreme Court of Louisiana · 1909
6 more not listed; retrieve them via the Exa API.