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Full-Text Articles in Securities Law
Taxation-State Tax On Shares Of National Bank-Preferred Shares Held By Reconstruction Finance Corporation
Michigan Law Review
The Reconstruction Finance Corporation owned the entire issue of preferred stock of plaintiff bank The state statute putting a tax on stock of national banks was amended to allow the bank to be taxed directly and pass the tax on to its shareholders. A federal statute permitted states to tax, subject to certain limitations, all shares of national banking associations whose principal place of business was within the state. In a proceeding by the bank for the benefit of the Reconstruction Finance Corporation as well as itself to protest the collection of the tax, it was held that the shares …
Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities
Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities
Michigan Law Review
A Pennsylvania statute imposed a tax on the shares of trust companies, the companies to be primarily liable therefor and the value of the shares to be ascertained by adding together so much of the amount of capital stock paid in, surplus, and undivided profits as was not invested in the stock of corporations liable to pay to the Commonwealth a capital stock tax or tax on shares, or relieved from the payment of capital stock tax or tax on shares, and dividing the sum by the number of outstanding shares. The corporations so relieved were those exclusively engaged in …