In re Assessment & Collection of Taxes

Citations

• 4 S.D. 6
• 54 N.W. 818
• 1893 S.D. LEXIS 43

Syllabus

<p>1. Act March 9, 1891, entitled, “An act prescribing- the mode of making-assessments and the 1 evy and collection of taxes and for other purposes in relation thereto,” Section 18 provides: “Credits, How Listed and Assessed. Any person who is required to list credits, either for himself or for any other person, firm, or corporation, may deduct from the gross amount thereof the amount of all bona fide indebtedness of himself or of any such person, firm or corporation; but no acknowledgment of indebtedness, not founded on actual consideration to the full amount of such acknowledgment at the time when the same was given, and no acknowledgment made for the purpose of being so deducted, shall be considered a debt in the meaning of this section, and every person so claiming any deduction shall furnish the assessor with a list containing: First, the amount of all book accounts; second, the amount of all notes due him, and also a list of the amount of all book accounts owing by him, and he shall be required, to verify the same by oath administered by the assessor. Nothing in this section shall be so construced as to apply to any bank, banker, or corporation exercising banking powers or privileges. Provided, however, that any person, company or corporation, in making up the amount of personal property required to be listed for himself, company or corporations, shall be allowed to deduct from the gross amount thereof any indebtedness of himself, company or corporation, if the same be owned or held within this state; provided further, that grain held by the producer of the same actually sold or contracted to be sold, but not delivered, shall be classed as credits.” Held, that such section-provides (1) that a person having credits is allowed to deduct therefrom all his indebtedness, whether owned or held within or without the state; (2) that a person having personal property presumably other than credits is allowed to deduct therefrom such indebtedness as is held or owned with