135 Iowa 539 | Iowa | 1907
Plaintiff, when applied to by the local assessor for the town, gave in as the value of his moneys and credits the sum of $36,000 and other personal property in the sum of $100. Tie claimed to be indebted in the sum of $26,000, which sum he was entitled under the statute to have deducted from the sum of his moneys and credits. This was allowed, and accordingly he was assessed in the sum of $10,100. On the matter coming before the board of review, that body refused to allow credit for indebtedness in the sum claimed by plaintiff, and raised his assessment as for moneys and credits to $34,000. Furthermore, the board, proceeding under section 1357 of the Code, added a penalty of one hundred per cent, on both moneys and credits and other personal property, making the total assessment $68,200.
On the trial in the court below plaintiff testified that he was indebted to his brother, William Stein, residing in Omaha, Nebraska, in the sum of $22,000 on promissory notes, and that he was also indebted to other persons on promissory notes in the aggregate sum of about $4,000. And he declared that all such indebtedness was actual and in good faith. ITis statement was fully corroborated by the testimony of his brother, and by one of the other creditors named by him. The defendant moved to strike all this evidence from the record for the reason that it was secondary
Por the reasons pointed out, the decree is reversed, and the case is remanded for a decree in harmony with this opinion.— Reversed.