Jefferson County v. First National Bank

Citations

• 38 Wash. 255
• 80 P. 449
• 1905 Wash. LEXIS 1157

Syllabus

<p>Taxation—Bank Stock—Assessment to Bank—Validity— Shareholders Primarily Liable. Under Laws 1897, p. 147, requiring taxes upon the capital stock of a hank to he levied and assessed against the owners of the stock, an assessment of the same to the hank is invalid, and cannot be enforced against real estate of the bank, although the bank is made liable therefor if the tax is not paid by the stockholders, especially as assessment to the bank would deprive shareholders of the benefit of the law allowing each shareholder to deduct his indebtedness from the gross amount of his credits, in determining the amount of his assessment.</p>