Abrahams v. Medlicott

Citations

• 86 Kan. 106
• 119 P. 375
• 1911 Kan. LEXIS 193

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Building and Loan Association — Stock—Taxation—Not a Credit. Stock issued by a building and loan association was divided into classes. One class consisted of prepaid stock upon which interest is payable out of the earnings of the association at a rate not exceeding six per cent per annum; the holders have the right to withdraw the amount paid in upon conditions stated in the by-laws, and the association has the right to retire the stock upon notice. The holders are members of the association, eligible to vote and hold office therein as stockholders. It is held that the stock is not a credit within the meaning of the taxing laws and that a holder thereof, is not entitled to a deduction of the amount of debts owing by him from the value of such stock in the assessment thereof for taxation.</p>