Manufacturers' Insurance v. Loud
Massachusetts Supreme Judicial Court
Petition on the St. of 1867, c. 52, § 2, for abatement of a portion of a tax assessed under the St. of 1865, c. 283, upon the petitioners, a corporation chartered by this Commonwealth for purposes of business as insurers of fire and marine risks, and having a capital stock divided into shares.
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Petition on the St. of 1867, c. 52, § 2, for abatement of a portion of a tax assessed under the St. of 1865, c. 283, upon the petitioners, a corporation chartered by this Commonwealth for purposes of business as insurers of fire and marine risks, and having a capital stock divided into shares. The only issue was, whether, in ascertaining the true value of the corporate franchise of the petitioners by computing the market value of the shares of their capital stock on May 1,1866, the tax commissioner was in error in making no deduction on account of a portion of their property which was…
1Opinion of the CourtWells, J.
It has been repeatedly held by this court that the tax upon a corporation under the St. of 1864, c. 208, was a tax upon the franchises of the corporation, and not upon its property. In the St. of 1865, c. 283, the intention of the legislature to lay the tax upon the corporate franchises appears even more obviously than in the St. of 1864. The petitioner does not point out any feature of the St. of 1865 which may operate to control that apparent intent, and give the statute the effect of imposing a property tax.
It is agreed that the computations and all the proceedings in levying the tax are…
2Cited by12 opinions
- Minot v. WinthropMassachusetts Supreme Judicial Court · 1894
- State v. U. S. & Canada Express Co.Supreme Court of New Hampshire · 1880
- Farr Alpaca Co. v. CommonwealthMassachusetts Supreme Judicial Court · 1912
- City of Worcester v. Board of AppealMassachusetts Supreme Judicial Court · 1904
- Boston Manufacturing Co. v. CommonwealthMassachusetts Supreme Judicial Court · 1887
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