It was further held that the competitive nature of "moneyed capital" did not depend upon an absolute competition in all phases of business conducted by national banks, but was established when it was shown that such capital was employed, either by an individual or by a corporation, in the same sort of transactions as that in which national banks were engaged in any of their capacities the determining factor being, not the character of the competitive business, but the manner of employment of capital by the competitor. title 12, § 548), which prohibits state taxation of shares of national bank stock at a greater rate than is assessed upon other "moneyed capital" in the hands of individual citizens of such state coming into competition with the business of national banks. It was held in that case that "moneyed capital" employed in such a manner as to bring it into substantial competition with the business of national banks, as was done in the instances referred to, was within the restriction of U.S. In the National Bank of Commerce case, it appeared from the evidence that national banks were being taxed upon their shares of stock, the value of which, as determined by the assessor, included their capital, surplus and undivided profits, whereas, in the case of certain of their competitors, such as savings and loan associations, mutual savings banks, trust companies, domestic and foreign finance corporations, industrial loan companies, bond dealers, investment bankers, note brokers, mortgage loan companies, and domestic insurance companies, no assessments were made upon any of their personal property or intangible assets other than office furniture and fixtures. State, county, municipal and taxing district bonds and warrants shall not be considered as property for the purpose of the taxation act.
Stat., § 11109, which provides that mortgages, notes, accounts, certificates of deposit, tax certificates, judgments, * case, it was held that, in determining the value of bank stock for taxation purposes, the value of the banks' non-taxable securities could not be taken into consideration, because, otherwise, the effect would be to impose a tax indirectly on property which the legislature had specifically said should be exempt, under chapter 130, Laws of 1925, Ex. In order to get a proper perspective of the present actions, we will briefly review those former decisions. 25, all decided Augto which some impetus was later added by the decision in the case of Aberdeen Savings Loan Ass'n v. 3 National Bank of Commerce of Seattle v. The procedure adopted by the county and its taxing officers in their attempt to make these assessments, or reassessments, and to levy the taxes thereon, has its background and preparatory basis in certain decisions formerly rendered by this court, namely, Spokane Eastern Trust Co. From the various decrees rendered in the respective cases, the defendant has appealed.
#Spokane county assessor transfer tax form trial#
Upon a trial before the court, sitting without a jury, the assessments, or reassessments, and the taxes extended and levied thereon, were ordered cancelled and set aside, and the defendant perpetually enjoined from any further attempt to collect them.
Under assessments, or rather reassessments, made on omitted property and on bank stocks in 1931, the original 1928 assessments having theretofore been cancelled. In each of the actions, the respective plaintiffs seek to invalidate certain taxes for the year 1928 levied * This case comprises fifty-eight separate actions, consolidated for purposes of trial and appeal.
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