Newspaper Archive of
The Malakoff News
Malakoff, Texas
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July 24, 1930     The Malakoff News
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July 24, 1930
 

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TAX MEN ANff BANKERS IH ACCORD )nths of Negotiation Lead to Agreement on Changes Broad- enin g Method of State or Local Taxation ot. National Banks. YORK.~Month~ of conference ne.gotiatlpnibetween an American nrs Association special committee lbb':Committee of the Association !la~S on Ba~k Taxation have re- kl:ln an agre'ement on a form of itdment to the Federal statute lug With state or local taxation of 0nal banks that "maintains the in- ity of the protective principles of section and ts satisfactory to the Qaissi0ners' committee,' says the titan Bankers Association Journal. toads B. Paten, the organization's :ral Counsel, in making the an- LCement says that previously pro- d amendments to the statute, h is known as Section 5219, have OPPosed when it was felt their a Would enable any state to place '_,8 In a tax class by themselves. Re law as it stands today," Mr. says, "permits state or local t/on of national banks or their Sholders In one or the other of [our following forms: the share- Ire upon their shares,---a prop- tax; the shareholders upon their ~tnds,---a personal income tax; bank upon its net income: the according to or measured by its Only one form of tax can except that the dividend l~aay be combined with the third or form if other corporations and are "likewise taxed. conditions permitted are: the on shares must be at no greater .than on other competing moneyed 1;. the income tax on sharehold- faust be at no greater rate than met income from other moneyed tall. fl~e tax on bank net income t be at no higher rate than on r financial corporations nor the set rates ou mercantile and manu- Irtng corporations doing business In the state; the tax measured by bank income is subject to the z limitations as the tax on net t!e of the bank but may include net income from all sources." States Seek Broader Law Rional banks and their sharehold- tie taxed In different states under varsity of systems, he says. The Supreme Court has held that the lnlllage rate on intangible person- ~Perty is in violation of the pres- law where it results in national [ shares being taxed at i~ rate tar than that assessed upon corn- moneyed capital. A number of is, unwilling "to use the income |Ods permitted, had the alterna- of either repealing the intangible laws or limiting taxation of nu- ll bank shares at the intangible Therefore they sought a broad- of the permissive provisions. so, Mr. Paten points out, a Su- ae Court decision held a state's be,,., ,. ]~easure. This created toubt ma ~]~e state bank excise taxes. ~ferences have been held to h some agreement which would Rat the banks, satimt~r the tax eom. ~eners and avoid a contest in Con- " " m the s, Mr. Paten says. 'Fro d~oint of the tax authorities, the l objectives have been an amend- t which would permit certain to retain their low rate tax upon ~L~'oles and at the same time do- ~a adequate, but not excessive, ~ from national bank shnres, azt amendment which would per- to tax corporations excluding ia~ome and at thi derive the same revemuo f~m as heretofore, Fr0m fir of the bankn, it has bee~ to maintain the pr~cPpl~ of Section S|1~9. The Ohs~goa Agreed On amendment the ex- t~ratlon of ~o higher than the rate co~nDeti~ moneyed c&pit~l hu respect to certs~ it:t states ouTy bY a provt- laiWd~, Whfc~ fnatea~ Of the l eh0osing your laxative. Here's one llmitaUon, tlie rsts [~iade fr9m the prescriptlon af a tl~avtth~va~u~lt' |~pecialist in bowel and stomach dis- other financial corpora- orders. Its originator tried it in upon the net assets of lndl- ~housands of ca~cs; found it safe for THE MAJ,AKOFF N E,,W,,8,, Another Fine Victory Honor Dead of Vera Cl'uz Battle Answers to Bible Questions 1 Won By New K0nj01a II mother:36" RUthobedwaSandDavids.jesse- cominggrand { ' in between. J:i [ 37. He fell from his seat and Of Findingbborn IEscape From i ....... i::i ilili! ::iiiil :: ? i:::: ......: : ' l broke his neck. Samuel 4-18. ' 38" Jseph was nt buried, breast plate o, were: :.:i ..... ,-.- , l for 200 years after he died. Gen ! :: ':::i' ' ii:iiiii !:: : ]50:26 and Josh 24 32. - ~~b ~' m :!:4 n :: . b [i'll!: { 39. [he precious stones in the * ' :::::: ) { dius, Tol.)az. Carbu hole, Emerald . ' ; late, Amethyst, Beryl, Onyx and I 40. They washed their hands: Why? Mark, 7-3, 4, 'rl} ?olnmor ea }se of ligestiv~ dim- i ,.,, - . i iii II ,l II - ii ii ,l.,' colldttl~,lt, ;lll,l If; l')ll)'ft.( t{tt" 8tOl:ll~l~L General Sandlno arrlving.at,ahe-ee~aetery at "~ra Cruz, Mexico. with members of hlsstaff, to place wreaths on th+ ~(L't~d Strange trot ;,)m.,thin~tv ,. t).,..~,,,~.iblethat wilttid.gm.utralizet