Dexter Horton National Bank v. McKenzie

Citations

• 69 Wash. 314
• 124 P. 915
• 1912 Wash. LEXIS 902

Syllabus

<p>Taxation—Assessment—National Bank Stock—Deduction— Real Pbopebtx—What Constitutes—Building Investment Bonds. Business property investment bonds held by a national -bank are real estate, within the meaning of Rem. & Bal. Code, § 9134, requiring the deduction from the assessed value of national bank stock of the assessed value of the real estate belonging to the bank, where such bonds, issued by a trust company in a sum equal to .the alleged value of a specified tract of land, each represented and conveyed to the holder, one of the “units” in the land created by a deed of trust, under a scheme devised by the trust company to enable persons to invest small amounts in high priced business property, the trust deed requiring the trust company to pay over to the bondholders certain profits and surplus dividends, together with a share of the net income, and finally to sell the property and distribute the proceeds among the bondholders, the only interest in the land retained by the trust company being a prospective right to share in the net income and in the surplus in the ultimate sale price above the face value of the bonds; especially in view of the presumption against a legislative intent to authorize double taxation impliedly prohibited by Const., art. 7, § 2, and in view of Rem. & Bal. Code, § 9092, defining real property for the purposes of taxation to include all rights and privileges thereto belonging or in any way appertaining.</p> <p>Same—Real Estate Held by Bank—Presumptions. In the absence of any showing, it will be presumed that a national bank legally acquired its real estate the assessed value of which it seeks to have deducted from the assessed value of its capital stock.</p> <p>Appeal—Decision—Remand. Where, upon reversing the action of the board of equalization in refusing to deduct the assessed value of real estate from the assessed value of national bank stock', the board has adjourned and been dissolved, and the county treasurer has the tax rolls, th