Bailey, Collector v. Clark
Supreme Court of the United States
Error to the Circuit Court for the Southern District of New York; the case being thus: The one hundred and tenth section of the Revenue Act of the United States, as amended on the 13th of July, 1866,* enacts— “ That there shall be levied, collected, and paid a tax of one twenty-fourth of one per centum each month . . . upon the capital of any bank, association, company, or corporation, and on the capital employed by any person in the business of banking beyond the average…
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Error to the Circuit Court for the Southern District of New York; the case being thus: The one hundred and tenth section of the Revenue Act of the United States, as amended on the 13th of July, 1866,* enacts— “ That there shall be levied, collected, and paid a tax of one twenty-fourth of one per centum each month . . . upon the capital of any bank, association, company, or corporation, and on the capital employed by any person in the business of banking beyond the average amount invested in United States bonds.” And the seventy-ninth section of the same act as amended,. declares— “That every…
1Opinion of the CourtJustice Field
As appears from the statement of the case the only question for determination relates to the meaning to be given to the term capital in the one hundred and tenth section of the Revenue Act. The term is not there used in any technical sense, but in its natural and ordinary signification. And it is capital not merely of individuals, but of corporations and associations, which is subject to the tax in question. When used with respect to the property of a corporation or association the term has a settled meaning; it applies onty to the property or means contributed by the stockholders as the fund…
2Cited by44 opinions
- Johnson v. Southern Pacific Co.Supreme Court of the United States · 1904
- Wetmore v. MarkoeSupreme Court of the United States · 1904
- Edwards v. Mayor, Etc. of Borough of MoonachieSupreme Court of New Jersey · 1949
- Smith v. DanaSupreme Court of Connecticut · 1905
- Board of Com'rs of Sweetwater County, Wyo. v. BernardinCourt of Appeals for the Tenth Circuit · 1934
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