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eBook details

• Title: Stephenson v. Combination Leasing Etc. Co.
• Author : Supreme Court of Montana
• Release Date : January 30, 1929
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 69 KB

Description

Taxation — Shares of Stock of National Banks — Ad Valorem Tax not Repealed by Provision of Income Tax Law relating to Dividends on Shares — Constitutional Law. Taxation — Corporate Shares of National Banks. 1. Corporate shares of stock are property and as such are taxable under section 17, Article XII of the state Constitution, but shares of a national bank are taxable only as Congress has permitted by section 5219, United States Revised Statutes, as amended. Same — Case at Bar — Ad Valorem Tax on National Bank Shares not Repealed by Income Tax Law by Tax on Dividends. 2. In an action by a national bank and the holders of its shares of stock to recover the property or ad valorem tax allegedly unlawfully imposed upon its shares for the year 1939, on the theory that they had been taxed under the Income Tax Law (Chap. 181, Laws of 1933 as amended) as dividends thereon it being claimed that the legislature had thus impliedly repealed the ad valorem method of taxing them and substituted therefor the tax on the dividends, held that no such substitution Page 566 was made nor intended, and that therefore a general demurrer to the complaint was properly sustained and the action ordered dismissed. Same — Statutes — Enactment — Constitutional Law — What Title to Bill must Contain. 3. If the contention of plaintiffs above (par. 2) were sustained, Chapter 181 supra, (Income Tax Law) would have to be condemned as invalid under section 23, Article V, Constitution, in so far as it has application to dividends as income from national bank shares, in that its title failed to state the purpose of the Act to so change the method of taxing national bank shares. Statutes — Constitutional Requirement as to Contents of Title to Bill. 4. The purposes of section 23, Article V of the Constitution in declaring that no bill shall be passed by the legislature containing more than one subject which shall be clearly expressed in its title, are to restrict the lawmaking body to the enactment of laws which are known to it and the public to the end that any one interested may follow intelligently the course of pending bills, to prevent the legislators and the people generally being misled by false or deceptive titles, and to guard against the fraud which might result from incorporating in the body of a bill provisions foreign to its general purpose and concerning which no information is given by the title.

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