Newport v. Mudgett

Citations

• 18 Wash. 271
• 51 P. 466
• 1897 Wash. LEXIS 152

Syllabus

<p>TAXATION—NATIONAL BANK STOCK—ABE CREDITS FROM WHICH DEBTS MAY BE DEDUCTED — CONSTITUTIONAL LAW.</p> <p>The owner of shares of national bank stock is entitled to have such shares treated as credits from which indebtedness is to be deducted in making up his assessment of property for taxation, since stockholders in banks organized under the laws of this state are entitled to such deduction, as otherwise there would be the discrimination in taxation between national bank stock and “other moneyed capital,” which is forbidden by Rev. St. U. S., § 5219.</p> <p>The provision of section 2, article 7 of the state constitution authorizing the deduction of debts from credits for purposes of taxation is not repugnant to the fourteenth amendment to the constitution of the United States, which provides that “ no state shall deny to any person within its jurisdiction the equal protection of the laws.”</p>