First National Bank & Trust Co. v. County of Lancaster

Section 77-706, R. R. S. 1943, grants a domestic corporation a deduction of the value of the shares of stock owned by it in other Nebraska corporations, domestic or domesticated, in computing the value of its shares for intangible tax purposes. Section 77-709, R. R. S. 1943, dealing with the taxation of the stock of the plaintiff bank allows no such exemption for a bank in the method of valuation of its stock. The rate of tax under both statutes is the same, four mills. The question in this case is whether the statute requiring the bank to pay taxes on the value of its stock in a subsidiary…