[Download] "Banks v. Dept. of Revenue" by Supreme Court of Montana ~ eBook PDF Kindle ePub Free
eBook details
- Title: Banks v. Dept. of Revenue
- Author : Supreme Court of Montana
- Release Date : January 30, 1977
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 56 KB
Description
In January, 1977, appellants, The United States National Bank of Red Lodge, Farmers State Bank of Worden, Montana, and First Citizens Bank of Billings, Montana, filed virtually identical complaints in the District Courts of Yellowstone and Carbon Counties. In their complaints appellants alleged that they are banking corporations engaged in the baking business in the State of Montana; that appellants at all times material to the complaint were owners of United States obligations within the meaning of 31 U.S.C. § 742 (1970); that, for the taxable year 1976, respondent Montana Department of Revenue determined the assessed value of appellants shares of stock without allowance of a deduction for the value of the United States obligations held by appellants during the taxable year 1976; that appellants shares of stock, without allowance of a deduction from assessed value equal to the value of appellants United States obligations for the taxable year 1976, is an unlawful tax in violation of 31 U.S.C. § 742 (1970). Appellants in their complaints asked for a finding that the 1976 property taxes on their shares of stock were illegal, and requested a refund of the taxes paid on the shares.