Salt Lake Herald | 1901-12-05 | Page 1 | Banks Must Pay Taxes on All Money Used

BANKS MUST PAY TAXES ON ALL MONEY USED c ashington A 00 Dec Dor 4 Theof The con of 0 internal re h ha has 0 rendered a de tie deci ci Ion in which he be hold holda that bankers must return for tor taxation tal capital surplus fd profit and borrowed money j jd in the hI business of banking og Tb The holds that capital capita in is tax taxable I able ible whether invested Inv sted a as in the case JIe S of It f I Ithe the States bonds of o 0 the bank beak I building or the tM circulation as a in th case f I of monty mony including mf ney borrowed also j including undivided profit In providing th that thit t shall be in IB included eluded a i is capital UK th decision says It itil itis it is il ul the purpose of the law to have hae th tax ta imposed Impo apply q lly to all money mon u UIt ed d or h by h as is capital in carrying on the th bu m mM M In HI borrowed 11 by 1 bank and used as capital ca It 1 is I held to 1 h b taxable and it id is i no les leai If liable to tax because of the fe t th that t it is IM by bv a 11 trunk bank I from fron it il sown own undivided profits The fu faL fael t that tha so S used wholly or r ir part lait of undivided profits profit jt r tt tt p have or 01 have hae not ben s t apart from such lIue seems wholly so en o far a all as the purpose tf of the a at t Is tr It Tt is the thew w ue and not noi the he authority to use Ulle that v uch such profits within the taxing provisions at o 0 the t act