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Bank of California v. Richardson, 248 U.S. 476 (1919)
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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.
Bank of California v. Richardson, 248 U.S. 476 (1919)
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Bank of California v. Richardson No. 262 Submitted October 14, 1918 Decided January 27, 1919 248 U.S. 476
ERROR TO THE SUPREME COURT
OF THE STATE OF CALIFORNIA
Syllabus
The extent to which the states may tax the property or the shares of national banks is determined exclusively by § 5219 of the Revised Statutes. P. 482.
The object of the section is to avoid withdrawing the financial resources of national banks from the reach of state taxation, and at the same time to protect the banks as federal agencies from state interference. It therefore, with certain restrictions, permits the shares of the bank to be taxed to the shareholders, and, in that aspect treats the ultimate beneficial interest of the bank and the shareholders as one, subject to but one taxation and by that method only. P. 483.
It follows, (1) that the interest represented by shares of a state bank, when held by a national bank, can be reached only by a tax upon the shares of the latter, and is not taxable to the national bank itself, and (2) that shares of a national bank, when held by another national bank, are taxable only to the latter as shareholder, and are not to be included in valuing the share of the latter when taxing its shareholders. Pp. 484-486.
175 Cal. 813 reversed.
The case is stated in the opinion.
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Chicago: U.S. Supreme Court, "Syllabus," Bank of California v. Richardson, 248 U.S. 476 (1919) in 248 U.S. 476 248 U.S. 477–248 U.S. 480. Original Sources, accessed November 24, 2024, http://originalsources.com/Document.aspx?DocID=HREUM822SHK76GV.
MLA: U.S. Supreme Court. "Syllabus." Bank of California v. Richardson, 248 U.S. 476 (1919), in 248 U.S. 476, pp. 248 U.S. 477–248 U.S. 480. Original Sources. 24 Nov. 2024. http://originalsources.com/Document.aspx?DocID=HREUM822SHK76GV.
Harvard: U.S. Supreme Court, 'Syllabus' in Bank of California v. Richardson, 248 U.S. 476 (1919). cited in 1919, 248 U.S. 476, pp.248 U.S. 477–248 U.S. 480. Original Sources, retrieved 24 November 2024, from http://originalsources.com/Document.aspx?DocID=HREUM822SHK76GV.
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