UNITED STATES SUPREME COURT DECISIONS ON-LINE
SHELBY COUNTY V. UNION & PLANTERS' BANK, 161 U. S. 149 (1896)
161 U. S. 149U.S. Supreme Court
Shelby County v. Union & Planters' Bank, 161 U.S. 149 (1896)
Shelby County v. Union and Planters' Bank
No. 766
Argued January 20-22, 1896
Decided March 2, 1896
161 U.S. 149
Syllabus
A clause in the charter by a state of a banking corporation requiring it to "pay to the state an annual tax of one half of one per cent on each share of capital stock which shall be in lieu of all other taxes," while it limits the amount of tax on each share of stock in the hands of the shareholders, does not apply to or cover the case of the capital stock of the corporation or its surplus and accumulated profits, but such capital stock, surplus, and accumulated profits are liable to be taxed as the state may determine.
The previous cases examined, and shown (especially Farrington v. Tennessee, 95 U. S. 679, and Gordon v. Appeal Tax Court, 3 How. 133) not to be inconsistent with the above decision.
The case is stated in the opinion. clubjuris