90 Mo. 522 | Mo. | 1886
The defendant is a city of the second class under the general laws of this state. The plaintiff is a resident of the city of St. Joseph, and owns two shares of stock, one in a corporation organized under the laws of this state, and the other under the laws of the state of Texas. Both corporations are such as are contemplated in article 8, chapter 21, of the Revised Statutes. The further agreed facts are that the property of these corporations, consisting of cattle, horses and real estate, is and at all times has been permanently located in the state of Texas, and there taxed by the laws of that state.
The question is, whether these two shares, certificates of which are in the possession of plaintiff, should be listed for taxation for city purposes for the year 1886. The question is not free from difficulty and it, therefore, becomes necessary to quote liberally from the statute with respect to cities of the second class.
Section 4700 makes it the duty of the assessor to -return to the council a complete assessment of all property except merchandise, “and excepting the property of corporations whose capital stock is liable to taxation at the cash value of such property.”
By section 4701 owners of personal property subject -to municipal taxation must deliver to the assessor a list thereof with the cash value, stating in the list*'the property by classes, the sixth of which is : “The amount of ■stock or shares in any company or corporation not required by law to be otherwise listed.”
Section 4704 provides: “The property of all corporations and companies, except the personal property ■of incorporated banks, shall be assessed and taxed as the property of individuals is assessed and taxed. All .•shares of stock of incorporated banks, whether organized under the laws of this state or of the United States, ■shall be assessed at their actual cash value.” The president of the bank is then required to deliver to the .assessor a list of the shares with the names of the owners .and the cash value thereof, together with a list of the real estate belonging to the corporation. The bank is required to pay the tax as the agent of the owners, but may recover from the owner the amount paid, or deduct it from dividends.
From the section last cited it is clear that shares of ■stock in incorporated banks must be listed and taxed. Though they are listed by the president, they are taxed to and as the property of the owners thereof. It is •equally clear that the property of all other corporations must be assessed against the corporation. This section
By section 4700 the assessor does hot include in the assessment “the property of corporations whose capital stock is liable to taxation at its cash value.” The words “capital stock” are evidently here used as meaning the shares of stock, and not the money paid or agreed to be paid in as the basis of business, or its •equivalent, the property in which such money has been invested; for the property excepted from the assessment roll' must be the personal property of incorporated banks. The exception can have no other application. Thus far the two sections are entirely consistent.
Now does the clause in section 4701, which requires
But in the present case the entire property of both corporations is located permanently outside of and beyond the limits of the city, and is, therefore, not required to be assessed. The clause in question is to have some effect accorded to it, if it can be done consistently with the other sections. It is agreed that the plaintiff is a resident of the city; and as the property of these corporations cannot be assessed, there would seem to be no reason why the shares of stock should not be. We
The judgment of the circuit court, holding that these shares should be listed for taxation, is correct and it is affirmed.