Legal Opinion
Michigan National Bank v. Michigan
Supreme Court of the United States
Decided April 3, 1961No. 155PublishedCited by 26 opinions
1Opinion of the CourtJustice Clark
The State of Michigan levies “on the privilege of ownership” a 5%-mill tax per dollar on the value of each common share of stock in national banks 1 located in the State. It requires federal and state savings and loan associations in the State to pay, in addition to other taxes not here involved, for its shareholders an intangibles tax of 2/5 of a mill on each dollar of the paid-in value of their shares.2 In addition, state associations also pay a franchise tax of % mill per dollar of their capital and legal reserves.3 *469Appellant Michigan National Bank, with banking offices in eight Michigan…
2Cases cited14 opinions
- United States v. Aluminum Co. of AmericaCourt of Appeals for the Second Circuit · 1945
- Mercantile Bank v. New YorkSupreme Court of the United States · 1887
- People v. WeaverSupreme Court of the United States · 1880
- Des Moines National Bank v. FairweatherSupreme Court of the United States · 1923
- First Nat. Bank of Guthrie Center v. AndersonSupreme Court of the United States · 1926
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3Cited by26 opinions
- Pipefitters Local Union No. 562 v. United StatesSupreme Court of the United States · 1972
- United States v. Antranik ParoutianCourt of Appeals for the Second Circuit · 1962
- First Agricultural National Bank of Berkshire County v. State Tax CommissionMassachusetts Supreme Judicial Court · 1967
- Northwestern National Bank of Sioux Falls v. GillisSouth Dakota Supreme Court · 1967
- First Federal Savings & Loan Ass'n v. Tax CommissionSupreme Court of the United States · 1978
21 more not listed; retrieve them via the Exa API.