Pacific Hotel Co. v. Lieb

Citations

• 83 Ill. 602

Syllabus

<p>1- Taxation—capital stock of corporation, what is. The words “ capital stock,” as used in the Revenue law with respect to the assessment of eorporations, means all the property belonging to a corporation, whether tangiMe or intangible, and of whatever nature or kind, and it must he valued under this designation for the purpose of taxation. The deduction of tangible property is required merely to avoid double taxation. This being avoided, it matters not whether the balance left entirely represents the value of intangible property, or in part, also, represents tangible property omitted to be assessed.</p> <p>2_ Same—listing of capital stock not essential to its taxation. A listing of the capital stock of a corporation or association created under the laws of this State, including its franchise, either by the corporation, or the local assessor, is not an essential prerequisite to its valuation by the State Board of Equalization, and such valuation, without such listing and returns thereof made, will not render a tax levied thereon void.</p> <p>3. Same—duty of local assessor in regard to capital stock. The local assessor is not required to fix any valuation on the capital stock of corporations and associations, but the matters required to be returned by him are merely such as the law deems to be important in enabling the State board to discharge its duty intelligently. If such returns are regarded fraudulent or untrustworthy by the board, they may entirely disregard them, and make the valuation from other sources supposed to be more accurate and reliable.</p> <p>4. Same—State board not bound by returns. The State Board of Equalization, in valuing the capital stock of corporations, over and above the assessed value of its tangible property, is to be governed by “ such rules and principles as to it may seem to be equitable and just,” instead of being restricted to valuations returned by the local assessor.</p> <p>5. Same—basis of assessing capital stock. An assessment