Buck v. Board of County Commissioners

Citations

• 103 Kan. 270
• 173 P. 344
• 1918 Kan. LEXIS 242

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Taxation — Notes and Securities — “Business Situs” in Foreign State— Npntaxable in Kansas. A resident of this state, having sold a business in Wyoming, placed the proceeds with an investment company in Missouri with full power to invest in notes and mortgages, record, release, collect and reinvest, the securities being at all times in the possession of the agency, the profits only being remitted to the principal. Held, that such securities, being thus dealt with for a number of years, acquired a business situs for the purposes of taxation where the agency is located and are not taxable at the residence of the owner.</p>