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Baltimore National Bank v. State Tax Comm’n, 297 U.S. 209 (1936)
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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.
Baltimore National Bank v. State Tax Comm’n, 297 U.S. 209 (1936)
Baltimore National Bank v. State Tax Commission No. 283 Argued January 10, 1936 Decided February 3, 1936 297 U.S. 209
CERTIORARI TO THE COURT OF APPEALS OF MARYLAND
Syllabus
1. The consent given by R.S., § 5219, to state taxation of "all" shares of national banks has been heretofore construed to embrace shares of national banks when owned by another national bank, and by parity of reasoning embraces preferred shares of a national bank when owned by the Reconstruction Finance Corporation. P. 212.
2. In the legislation authorizing the Reconstruction Finance Corporation to subscribe for preferred shares of national and state banks, 12 U.S.C. § 51(d), the proviso limiting the authority to shares of which the holders are exempt from double liability is significant of the understanding of the Congress that, upon the acceptance of the shares, the corporation would be exposed to the same measure of liability and would stand in the same position as shareholders in general. P. 213.
3. This view is corroborated by the fact that the authority of national banks to issue preferred shares, and the authority of the Reconstruction Finance Corporation to subscribe for them, were provided by the same Act as parts of the banking system, without suggestion of any distinction in the liabilities of shareholders. P. 213.
4. The general provision in the Act creating the Reconstruction Finance Corporation, 15 U.S.C. § 610, which exempts "the corporation, including its franchise, its capital, reserves, and surplus, and its income" "from all taxation," (excepting real estate) is to be construed with the earlier, specific provision of § 5219 R.S. permitting state taxation of "all" shares of national banks, and does not preclude a state tax laid on national bank shares belonging to the Reconstruction Finance Corporation and collected from the bank. P. 214.
169 Md. 65, 180 Atl. 260, affirmed.
Certiorari, 296 U.S. 538, to review a judgment reversing a judgment of the Circuit Court of Baltimore City, which cancelled an order of the State Tax Commission of Maryland upholding a tax on shares of the Bank.
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Chicago: U.S. Supreme Court, "Syllabus," Baltimore National Bank v. State Tax Comm’n, 297 U.S. 209 (1936) in 297 U.S. 209 297 U.S. 210. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=N84L2ILRVKE4NM3.
MLA: U.S. Supreme Court. "Syllabus." Baltimore National Bank v. State Tax Comm’n, 297 U.S. 209 (1936), in 297 U.S. 209, page 297 U.S. 210. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=N84L2ILRVKE4NM3.
Harvard: U.S. Supreme Court, 'Syllabus' in Baltimore National Bank v. State Tax Comm’n, 297 U.S. 209 (1936). cited in 1936, 297 U.S. 209, pp.297 U.S. 210. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=N84L2ILRVKE4NM3.
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