Law Commons^™

Taxation-Immunity Of Federal Bonds To State Taxation, Lenamyra Saulson

Michigan Law Review

A New Jersey statute imposed a tax on domestic stock insurance corporations on the value of intangible property exclusive of tax-exempt property but required an assessment against all intangible property of not less than fifteen per cent of capital and surplus in excess of liabilities. In conformity with this statute, a tax was imposed on the appellant, a domestic stock insurance corporation, of fifteen per cent of the entire net worth, without deduction of the principal amount of tax-exempt United States bonds and accrued interest thereon. The appellant appealed to the United States Supreme Court on the ground that the …