Ottawa Glass Co. v. McCaleb

Citations

• 81 Ill. 556

Syllabus

<p>1. Taxes and taxation—capital stock of corporation. The legislature may rightfully provide for taxing the capital stock of corporations, instead of the shares in the hands of the holders, and require corporations to pay such tax, leaving them to deduct the same from the dividends.</p> <p>2. Same—franchise. A franchise of a corporation is property, and has a value capable of being estimated, and is, therefore, not only liable to be taxed, but, under the constitution, is required to be in some appropriate mode.</p> <p>8. Same—relief against excessive valuation. If the officers provided by law for assessing property for taxation, value certain property as a franchise at too great a sum, or more, in proportion to other property, in the absence of fraud, or want of power, the courts can afford no relief against the over valuation.</p> <p>4. Same—mode of assessing franchise and capital stock. The State board, to find the cash value of the stock and franchise of a corporation, took the fair cash value of the stock subscribed and paid for, and to this added the fair cash value of its indebtedness, except for current expenses, and from this deducted the equalized value of its tangible property, and took the sum left as the fair cash value of the capital stock and franchise: Held, that there was nothing illegal or unjust in the mode adopted, and it was not a taxation of the debts.</p> <p>5. Same—injunction in equity. A court of equity will never restrain the extension of a tax on the tax books, unless it is wholly unauthorized, and void in all its parts. If any portion of the tax is valid, the court will never interpose, until the taxes have been extended, and not then, until the tax-payer has paid or tendered such taxes as are legal.</p> <p>6. The courts can not interfere to prevent the collection of taxes, unless they áre void, or levied without power on the part of the officers executing the revenue law. As long as such officers are acting under the law, in imposing and