GPO-CONAN-2017-10-15.pdf

440 new york ex rel hatch v reardon 204 us 152 1907

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440 New York ex rel. Hatch v. Reardon, 204 U.S. 152 (1907). 441 Graniteville Mfg. Co. v. Query, 283 U.S. 376 (1931). These taxes, however, were deemed to have been laid, not on the property, but upon an event, the transfer in one instance, and execution in the latter which took place in the taxing State. 442 Buck v. Beach, 206 U.S. 392 (1907). 443 Senior v. Braden, 295 U.S. 422 (1935). 444 Brooke v. City of Norfolk, 277 U.S. 27 (1928). 445 Greenough v. Tax Assessors, 331 U.S. 486, 496–97 (1947). 1915 AMENDMENT 14—RIGHTS GUARANTEED
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v. Norfolk , 446 is distinguishable by virtue of the fact that the prop- erty tax therein voided was levied upon a resident beneficiary rather than upon a resident trustee in control of nonresident intangibles. Also different is Safe Deposit & Trust Co. v. Virginia , 447 where a property tax was unsuccessfully demanded of a nonresident trustee with respect to nonresident intangibles under its control. A state in which a foreign corporation has acquired a commer- cial domicile and in which it maintains its general business offices may tax the corporation’s bank deposits and accounts receivable even though the deposits are outside the state and the accounts receiv- able arise from manufacturing activities in another state. Simi- larly, a nondomiciliary state in which a foreign corporation did busi- ness can tax the “corporate excess” arising from property employed and business done in the taxing state. 448 On the other hand, when the foreign corporation transacts only interstate commerce within a state, any excise tax on such excess is void, irrespective of the amount of the tax. 449 Also a domiciliary state that imposes no franchise tax on a stock fire insurance corporation may assess a tax on the full amount of paid-in capital stock and surplus, less deductions for liabilities, not- withstanding that such domestic corporation concentrates its execu- tive, accounting, and other business offices in New York, and main- tains in the domiciliary state only a required registered office at which local claims are handled. Despite “the vicissitudes which the so-called ‘jurisdiction-to-tax’ doctrine has encountered,” the presump- tion persists that intangible property is taxable by the state of ori- gin. 450 A property tax on the capital stock of a domestic company, how- ever, the appraisal of which includes the value of coal mined in the 446 277 U.S. 27 (1928). 447 280 U.S. 83 (1929). 448 Adams Express Co. v. Ohio, 165 U.S. 194 (1897). 449 Alpha Cement Co. v. Massachusetts, 268 U.S. 203 (1925). A domiciliary State, however, may tax the excess of market value of outstanding capital stock over the value of real and personal property and certain indebtedness of a domestic corpora- tion even though this “corporate excess” arose from property located and business done in another State and was there taxable. Moreover, this result follows whether the tax is considered as one on property or on the franchise. Wheeling Steel Corp. v.
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