People ex rel. Pullman Co. v. Glynn
Appellate Division of the Supreme Court of the State of New York
Cebtiobabi issued out of the Supreme Court and attested on the 1st day of June, 1908, directed to Martin H. Glynn, as Comptroller of the State of Yew York, commanding him to certify and return to the office'of the clerk of the county of Albany all and singular his proceedings had in determining a franchise tax against the relator under section 182 of the Tax Law as amended. (See Laws of 1896, chap. 908, '§ 182, as amd. by Laws of 1907, chap. 734.)
1Opinion of the Court
Kellogg, J.:
The franchise tax is imposed upon that part of the capital stock of the corporation which is employed within the State. It is the stock and not the dividend which is taxable. Where a corporation pays no dividend the stock is appraised and the tax is computed upon the appraised value. Where a dividend is paid it is an indication of the value of the stock, and the tax upon the stock is determined by the amount of such dividend.
A dividend is a corporate profit set aside, declared and ordered by the directors to be paid to the stockholders upon demand or at a fixed time. (Cook Corp.…
2Cases cited4 opinions
- People Ex Rel. Westchester Fire Insurance v. DavenportNew York Court of Appeals · 1883
- Chester v. Buffalo Car Manufacturing Co.New York Court of Appeals · 1906
- Chester v. Buffalo Car Manufacturing Co.Appellate Division of the Supreme Court of the State of New York · 1902
- People ex rel. Postal Telegraph Cable Co. v. CampbellNew York Supreme Court · 1893
3Cited by12 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Gallagher v. ButlerTennessee Supreme Court · 1964
- Buchman v. American Foam Rubber CorporationDistrict Court, S.D. New York · 1965
- State ex rel. Dulaney v. NygaardWisconsin Supreme Court · 1921
- People Ex Rel. Adams Electric Light Co. v. GravesNew York Court of Appeals · 1936
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