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First Bank Stock Corp. v. Minnesota, 301 U.S. 234 (1937)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
First Bank Stock Corp. v. Minnesota, 301 U.S. 234 (1937)
First Bank Stock Corp. v. Minnesota No. 647 Argued March 31, 1937 Decided April 26, 1937 301 U.S. 234
APPEAL FROM THE SUPREME COURT OF MINNESOTA
Syllabus
A Delaware corporation transacted its corporate and fiscal business in Minnesota, maintaining in that State a business office and holding there its meetings of stockholders, directors, and executive committee. It owned a controlling interest in the stock of a number of banks of several States. Stock certificates of the subsidiaries were kept in Minnesota, and there it received the dividends thereon, and declared and disbursed the dividends upon its own shares. Through a wholly owned subsidiary corporation, organized and doing business in Minnesota, it maintained a compensated service for the banks which it controlled, offering advice as to their accounting practices, making recommendations concerning loans, commercial paper, and interest rates, and making suggestions regarding their purchase and sale of securities. It planned for them advertising campaigns, and supplied advertising material. Thus, it maintained within the State an integrated business of protecting its investments in bank shares, and enhancing their value, by the active exercise of its power of control through stock ownership of its subsidiary banks.
Held that the corporation’s commercial domicile was in Minnesota, and that its shares of stock in North Dakota and Montana banking corporations were taxable by Minnesota. P. 237.
Whether the same shares could, consistently with the Fourteenth Amendment, be taxed also in North Dakota and Montana is a question not decided.
197 Minn. 544, 267 N.W. 519, affirmed.
Appeal from a judgment in favor of the State of Minnesota in proceedings to enforce collections of delinquent taxes.
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Chicago: U.S. Supreme Court, "Syllabus," First Bank Stock Corp. v. Minnesota, 301 U.S. 234 (1937) in 301 U.S. 234 301 U.S. 236. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=DUXTH42J59HUJWF.
MLA: U.S. Supreme Court. "Syllabus." First Bank Stock Corp. v. Minnesota, 301 U.S. 234 (1937), in 301 U.S. 234, page 301 U.S. 236. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=DUXTH42J59HUJWF.
Harvard: U.S. Supreme Court, 'Syllabus' in First Bank Stock Corp. v. Minnesota, 301 U.S. 234 (1937). cited in 1937, 301 U.S. 234, pp.301 U.S. 236. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=DUXTH42J59HUJWF.
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