Show CASH ON HAND assessable james E lynch county assessor of salt lake county utah recently placed before the state board of equalization a protest from a mining man who took the position that cash on hand held by a mining company is really a part of the current not net proceeds of ore and is therefore included and assessed as net proceeds the mining man protested against its further assessment this is contrary to the practice of the state and county assessors in the past and in explaining the position taken by the state officials in the matter the board quoted the constitution and the law that mines are to be assessed at 5 an acre and in addition at a value determined by taking the multiple of three times the net annual proceeds thereof you will see by this says the letter that the net proceeds as herein stated is merely a means of determining the value of the mine or in other words of ascertaining the value of the ore in the ground therefore the money or net proceeds has not been assessed at all but merely used as a means of determining the value of the mine the conclusion is reached by the board of equalization that any money in the possession of the company is assessable as cash on hand |