| Show TAXATION OK J101UOAUFS Hank stick Held 10 b I Property ttllli In IhoMeunloKof the Lilly William K Kld county attorney 01 BDpel ba written the attorney general aiklng whether or not a banking corporation when lilting Its property lor taxation Is entitled to deduct de-duct from the amount of Its capital stock alum equal lo the amutint of money It hal loaned upon mortgage securities when such worIKag have also been acaesBel lor taxation Mr lllshop lu his answer refers AUiroey Held tu section Z of article 13 nf the Couilltutlou which readii All Property In the Atabot not exempt uDdor the laws ot tile UDItd Bate or under this section shall be taxed In proportion to Us value 10 be ascertained as provided by Iw fbu word properly us used lu lots article Is hrby lIecloloJ 10 lucluu malloye ctedllt boullro stocks franchises aim all I mailers mild filings teal personal per-sonal and rnlxuj capable of private ownership Continuing Mr illibop lays uYIlbe CD be DO question but that stock Is property wlltiln tile meaning uf this law und without further authority allows wouli be laxtble ai such Ihu Lsgiolilure howivcr I n section Sol the Ilaventia Act found on page 423 law l ul 1696i > has enacted 1111 Ihu AiLoclliolderw Iu every bank or banking nitcclallou Organized under un-der the minority ol this States or of Ibo United States mUll be asiened Bud taxed ou the value of their shares uf stock IhOIII 10 the OJUDly town city or dlnriot where such bank or LDklllg assualad 9 h located suit not elsewhere e A Ijald the attetaorln determining into value of ucb shares 01 otoctrittio ollblr Dr other accounting tlllcer ol every such batoklmult furnish a vatiflai statement 10 tile sole6durs 140 w lull the amount and viumLet ul shares 01 the capital stock ot each bank the amount oi Its surplus nr re erve fund or undivided pionla the amount of Investments In real estate which real eslale must be I matessed and taxed as other cost cetate 1 find IhD name uOd IIsACrs Dr rldDc of its etcckbolderc together with the DUOlOer at shares hold by tacbP so rbeCoualltutlono the State has specified what ptopirty shall be exempted ex-empted irrm tsxill u and the Liegls laiurols wlluout authority to Xa > ploy pl-oy property ether than that so pc fled therelu The Legislature In the Rivenus Act stcllou Ito bat enacted mat iu Ibu assstueut of Shares 01 rocket Ilby bank ur banking uwoolalloDtho stock 4 bolder must bo allowed all the cluduc J Iiono UIII xUDl Ill ca allowed by law J In a I SeS11119 Ibo vluo nl olbor lexaLlo renonal pioreriy owned by Individual elllc at this State In fiction 8 It I ensclci In Milk Int such iicitsmrnt liters mum t alto budeluclud from iho value of such efforts such mm ul Is In tile same pr portion Fuel value ai the able is 3 value of I the real I estate of such bank or finking tusjclntlon in which such hares me held beats lo the whole i mount of tile earllal stock surplus rttva und undivided pull ol such hank or bunfclrg association Under Ibo Iwo locf 7 and 8 U I found nil of The law I Itiuchlng deductions de-ductions OLd txemrtlons lu llm at Pertinent of shares of stock If U could be raid that the proper cnicer ol a binding corporation was author zid to ceduct the amount of money whlc It hid Instant 1 on niorl ogo cecurllio from tbe amount of Ito capital Block In any particular sum he might lu one nil ol the capital ol the company bad beet loaned nil auch securities tJuct t the whole thereof when listing the corporations roperly lor taxation Thin tue provisions section U pro vlilng 10110 taxation ol the ibnr s ol 1 stock would beiendered InopuiAllvc llio Legislature line go ken briefly tin t clearly aa to whit properly filial te dtducleJ and we are Lot teruilttud by any construction whatever to cc lariH thereon BiLiloti 6 rrovlJes Ihtt the ciebler r other coming filter of the coi 0 ration In him verified statement must specify tile uuiount of Invest raonti lu real estates and section 6 lire vices lor the douuclion upon a cerluln tatlo t of such anuunts Invested from the value ul Ibo sharoa ol IOU to car oration I but no mention whatever 19 made ot mortgages Thus we are nosh e lo find any provisions ul Uw eltuer exnress or Drilling by necessary Implication which would RUtliotlzs the deducllon I mentioned upon tile part of the cor toritlon i I You are therefore advised that DO deduction from the Rallied value ul the cplt1 tacit < cl a boID InstliuL Jon can be I made ou ccouDI 01 any money It I has loaned uco rnottitago urltler even though 1 Ibo mortgages fully elo Ilav hD go Cos for taxation taxa-tion |
