Bank of Oxford v. Town of Oxford

Citations

• 70 Miss. 504

Syllabus

<p>1. Bank. Privilege tax. Act of 1888. Exemption from taxation.</p> <p>Under the revenue act of 1888 (Laws, p. 16) a bank that failed to pay a sufficient privilege tax, measured by its capital stock and assets, was not entitled to exemption from other taxes — state, county and municipal.. • Vicksburg Bank v. Woirell, 67 Miss., 47.</p> <p>2. Taxation of Banks. Code 1880, ? 498. Repeal. Acts of 1886 amd 1888.</p> <p>Neither the revenue act of 1886 (Laws, p. 12), imposing a privilege tax on banks, nor the revenue act of 1888 (Laws, p. 16), providing- that payment of the privilege tax therein imposed should exempt from all other taxes, abrogated § 498, code 1880, which provided for taxing, at its market value, the capital stock of banks. Said section remained in full force, inoperative if the act of 1888 was complied with, but operative if it was not.</p> <p>3. Bank. Taxation. Payment of insufficient privilege. Code 1880, \\ 498.</p> <p>Accordingly, where a bank failed to pay a sufficient privilege tax under' the said act of 1888, its capital stock remained liable to taxation as provided by ? 498, code 1880.</p> <p>4. Banking Corporation. Taxation of shares. Code 1880, \\ 498.</p> <p>Under § 498, code 1880, and all former codes in this state, the property and assets of banks and other joint-stock companies are not taxable as those of individuals. They are not required to report to the assessor indebtedness due them, money on hand or on deposit, or other assets, but only the value of the shares of capital stock paid in. Thus, through the corporation as a medium, such shares are taxed, and an individual shareholder is not required to give in his shares of stock for separate taxation.</p> <p>5. Taxation op Capital Stock. Non-taxable securities. No deduction therefor.</p> <p>Shares of the capital stock in a bank are taxed through the bank, regardless of how the capital is invested. Hence, a bank in reporting its capital stock for taxation must give it in at its market valu