SUPERVISORS V. STANLEY, 105 U. S. 305 (1881)

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U.S. Supreme Court

Supervisors v. Stanley, 105 U.S. 305 (1881)

Supervisors v. Stanley

105 U.S. 305


1. The provisions of the statute of 1866 of New York, providing for the assessment and taxation of the stockholders of a bank or banking association on the value of their shares of stock, are in conflict with the act of Congress so far as they do not permit a stockholder of a national bank to deduct the amount of his just debts from the assessed value of his stock, while by the laws of the state, the owner of all other personal taxable property can deduct such debts from its value.

2. The statute is not, however, rendered void by reason of such conflict, nor is the assessment thereunder of the shares of stock in national banks of no effect. If the stockholder has no debts to deduct, the prescribed mode of assessment is valid, and he cannot recover the tax paid pursuant thereto; if he has debts, the assessment excluding them from computation is voidable, but the assessing officers act within their authority until they are duly notified that he is entitled to deduct such debts.

3. If the assessing officers proceed after such notice and act in violation of the act of Congress, he may take the requisite steps to secure that deduction, and, when secured, the residue of the statute remains valid.

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