Citizens Nat. Bank of Cincinnati v. Durr

Citations

• 257 U.S. 99
• 42 S. Ct. 15
• 66 L. Ed. 149
• 1921 U.S. LEXIS 1320

Syllabus

<p>1. Where objection to a tax imposed under general state statutes was limited to a claim of constitutional immunity for the particular subject taxed, without drawing in question the validity of the statutes as construed or of the authority exercised under the State in imposing the tax, a judgment sustaining the tax is reviewable by certiorari but not by writ of error, under Jud. Code, § 237, as amended. P. 106.</p> <p>2. A constitutional ground advanced for the first time in a petition for rehearing, presented to a state Supreme Court and denied without reasons given, comes too late to raise a question for review by ■this court. P. 106.</p> <p>3. A membership in the New York Stock Exchange, although partaking of the nature of a personal privilege and assignable only with qualifications, is a valuable property right subject to property taxation. P. 108.</p> <p>4. Whether such a membership, when held by a resident of Ohio, is subjected to taxation by the Ohio taxing laws, is a question of state law determinable by the Supreme Court of that State. P. 108.</p> <p>5. Since a membership carries peculiar and valuable privileges, not confined to the real estate of the Exchange in New York, which enable a nonresident member to conduct a lucrative business in the State of his residence through other members in New York, his membership is taxable as intangible personal property at his domicile. P. 108. Louisville & Jeffersonville Ferry Co. v. Kentucky, 188 U. S. 385, distinguished.</p> <p>O. Taxation by two States upon identical or closely related property interests falling within the jurisdiction of both is not forbidden-by the Fourteenth Amendment. P. 109.</p> <p>7. A discrimination, in imposing a tax in Ohio on a membership in the New York Stock Exchange while exempting memberships in a local stock exchange, which may have been due to mere accident or negligence of subordinate officials, or have been based upon some fair reason, the presumption of which was not rebutted,