First Nat. Bank v. State Tax Commission

Opinion

The question is whether the trial court erred in holding that the common stock of the appellee bank had no value subject to taxation for the years of 1934 to 1938 inclusive, according to Sec. 141-504, N.M. Sts. 1929, which is:

"The stockholders of every bank * * * shall be assessed and taxed on the value of their shares of stock therein, * * * and shall be assessed in the name of the bank, * * * as the agent for the stockholders. * * * To aid the tax commission in determining the value of such shares of stock, the acting officer of every such bank, trust or mortgage loan company shall…