State Bank v. City of Richmond

Citations

• 79 Va. 113
• 1884 Va. LEXIS 66

Syllabus

<p>1. Taxation—Capital Stock—Shares.—The capital stock and the shares of the capital stock are distinct things. Both may be taxed, and it is not double taxation, Farrington v. Tennessee, 95 U. S. 686-7.</p> <p>2. Idem—Assessment.—Where ordinance directs assessment of tax “on all personal property, money and credits, including all capital stock,” &c., the valuation of the personal property of a bank is rightly ascertained by adding to the paid up capital the demand notes of stockholders given for unpaid up capital stock, drawing interest and held by the bank. Ins. Co. v. County, 9 Penn. S. R. 413.</p> <p>3. Idem— Taxable Properly—Situs of debt.—Domicile of holder of evidence of debt is the situs of the debt for taxation purposes. Notes held by a bank located in a city are taxable by said city, wherever the makers may reside, whether in or out of the city or in or out of the state.</p> <p>4. Idem—Penalty.—Where tax has been lawfully assessed, and is not paid when due, of course the penalty imposed by the ordinance for nonpayment of the tax may rightly be enforced.</p>