Commonwealth v. Charlottesville Perpetual Building & Loan Co.

Citations

• 90 Va. 790
• 20 S.E. 364
• 1894 Va. LEXIS 68

Syllabus

<p>1. Taxation — Capital stock — Shares—Double taxation — The capital stock and the shares of the capital stock are distinct things, the former belonging to the corporation and the latter to individuals. Both may be taxed, and it is not double taxation. Stale Bank of Va. v. City of Richmond, 79 Ya., 113.</p> <p>2. Idem — Construction of statutes — Non-residents.—Acts 1889-90, p. 201, $ 8, sub-section 2, taxing “capital, including moneys, &c.,” and sub-section 3 thereof, taxing “the value of all capital of incorporated joint stock companies not otherwise taxed : held, to authorize the taxation of the capital stock of such companies, not otherwise taxed, as well as the shares in the hands of the stockholders of the companies ; as the word “capital ” in the former sub-section signifies money or other thing invested, including such shares, whilst in the latter it signifies the capital stock paid in to conduct the business ; and that the words “ capital not otherwise taxed,” in the latter, is not confined to the holdings of nonresident or otherwise inaccessible stockholders.</p>