German American Savings Bank v. City of Burlington
Supreme Court of Iowa
Appeal from Des Moines Circuit Court. At the first meeting as a board of equalization of the city council of defendant, in April, 1879, the plaintiff complained in writing that the assessor of the city had assessed against it the sum of $30,000, on account of paid up capital for the then current year, when all of its capital was invested in nontaxable bonds of the United States, and the board was asked to cancel the assessment. The application was overruled.
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Appeal from Des Moines Circuit Court. At the first meeting as a board of equalization of the city council of defendant, in April, 1879, the plaintiff complained in writing that the assessor of the city had assessed against it the sum of $30,000, on account of paid up capital for the then current year, when all of its capital was invested in nontaxable bonds of the United States, and the board was asked to cancel the assessment. The application was overruled. The plaintiff appealed to the Circuit Court. On the 22d day of December, A. D. 1879, the cause was submitted on an agreed statement of…
1Opinion of the CourtDay, J.
i.taxation: capital in . United States bonds. I. The plaintiff is organized under the provisions of chapter 60, laws of Fifteenth General Assembly. Section 28 of this act is as follows: “The paid up capital oí all savings banks organized and doing business 1 ^ i , „ P under tins act shall be subject to the same rates of taxation, and rules of valuation, as other taxable property by the revenue laws of the State, which taxes shall be levied 'on and paid bv the banks, and not the individual stockholders, and the general assembly shall never impose any greater tax upon property employed in…
2Cases cited6 opinions
- Weston and Others v. the City Council of CharlestonSupreme Court of the United States · 1829
- Society for Savings v. CoiteSupreme Court of the United States · 1868
- New York Ex Rel. Bank of Commerce v. Commissioners of TaxesSupreme Court of the United States · 1863
- Provident Institution v. MassachusettsSupreme Court of the United States · 1868
- Bank Tax CaseSupreme Court of the United States · 1865
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- In Re Assessment of First Nat. Bank of ChickashaSupreme Court of Oklahoma · 1916
- Frost v. Board of ReviewSupreme Court of Iowa · 1901
- First National Bank of Estherville v. City CouncilSupreme Court of Iowa · 1907
- Farmers Loan & Trust Co. v. Town of FondaSupreme Court of Iowa · 1901
- Grimes v. City of BurlingtonSupreme Court of Iowa · 1888
2 more not listed; retrieve them via the Exa API.