Adams v. Peoples' Bank

Citations

• 108 Miss. 346
• 66 So. 407

Syllabus

<p>Taxation. Banks. Assessment. Bes judicata.</p> <p>Section 4273, Code 1905, section 3764, Code 1892, and Laws .1890, page 6, provided a special plan for the taxation of banks, requiring the officers to deliver to- the assessor a sworn statement showing the number and amount of all shares of stock, when paid in, and the sum, of all undivided profits and surplus and accumulation of any sort constituting part of the bank’s assets, not including real estate, and that the value of such shares estimated at par and increased by the proportion of the par value of all shares of stock to a surplus or accumulation, shall be the basis of taxation of such shares to the owner, and, if the shares are of less value than par they shall be valued accordingly. Under this statute since an “assessment,” is the listing and valuation of property, and the roll is not conclusive against the public as to what property the taxpayer owns, but only as against the taxpayer that he is the owner or taxable for property shown on the roll, and as against the taxpayer and the public that the valuation of the enumerated property is as finally shown on the roll; where certain banks returned statements failing to state the number and amount of shares of stock, but stating the amount of capital, and the surplus and undivided profits, from which a large amount was deducted for “loans possibly uncollectible,” an assessment made on such statements, though including under a subhead, “personal property not otherwise mentioned,” was not res judicata, so as to prevent the state revenue agent from making an additional assessment on “Capital Stock, surplus, and undivided profits,” as omitted property.</p>