Court : US Supreme Court
..... for the district insisted that this sum should have been charged to account of construction, and was fairly to be regarded as "profits used in construction," within the meaning of the one hundred and twenty-second section of the act of june 30, 1864, and, therefore, he made a special assessment of the amount. ..... revenue for the first district of connecticut, to recover the sum of $2,785.65 income tax, and $139.28 penalty, paid to him under protest in january, 1868. ..... the object of the law was to impose a tax on net income, or profits, only; and that cannot be regarded as net income, or profits, which is required and expended to keep the property up in its usual ..... expenditure is what congress meant to reach, when, in the one hundred and twenty-second section referred to, it imposed a tax not only on the dividends of every railroad, canal, page 93 u. ..... the company having returned the entire balance of their gross earnings over and above current expenses, in the shape of dividends and surplus, for the period in question, and paid the regular tax thereon, we do not see why this was not a full ..... the amount charged to current expenses during each of the two years in question (including together the said sum of $55,712.60) was not greater than the proper ordinary current expenses and depreciation of the entire property, and that the company returned the entire balance of their gross earnings over and above said expenses, in the shape of dividends and surplus, and paid the regular tax thereon. .....
Tag this Judgment!Court : US Supreme Court
..... the repealing act contained the following proviso: "and all acts and parts of acts relating to the taxes herein repealed, and [that] all the provisions of said acts shall continue in full force for levying and collecting all taxes properly assessed or liable to be assessed or accruing under the provisions of former acts, or drawbacks the right to which has already accrued or which may hereafter accrue under said acts, and for maintaining and continuing liens, fines, penalties, and forfeitures incurred under and by virtue thereof; and this act shall not ..... the next section provides that if by reason of death the succession shall pass to another person before the first taker shall have become entitled to the possession, then one duty only shall be paid, and such duty shall be due from the successor first entitled to possession, and shall be at the highest rate which either successor would have been liable to pay. ..... and be it further enacted that the duty imposed by this act shall be paid at the time when the successor, or any person in his right or his behalf, shall become entitled in possession to his succession, or to the receipt of the income or profits thereof. .....
Tag this Judgment!Court : US Supreme Court
..... the sale of the road and of certain real estate, specifically described, and of "all rights, claims, and benefits in and to all leases, contracts, and agreements made with any parties owning any coal lands, or mineral lands, or railroad or railroads, or with any other parties for any other property, together with all and singular the tenements and appurtenances thereto belonging, and the reversions, page 93 u. s. 426 remainders, tolls, incomes, rents, issues, and profits thereof, and also all the ..... estates, rights, titles, and interests whatsoever, as ..... as the rule of caveat emptor applies to a purchaser at a judicial sale, under a decree foreclosing a mortgage, he cannot retain from his bid a sum sufficient to pay a part of the taxes on the property which were a subsisting lien at the date of the decree of foreclosure. 3. ..... . the receiver continued to act until july 26, 1876, when he was discharged from his trust .....
Tag this Judgment!Court : US Supreme Court
..... the condition of such company on the thirty-first day of december then next preceding, exhibiting the following facts and items, in the following form: namely, 1st, capital stock; 2d, assets, detailed; 3d, liabilities, detailed; 4th, income preceding year, detailed; 5th, expenditures preceding year, detailed; 6th, greatest risk; 7th, certified copy of charter ..... of january, 1874, the city council passed an ordinance, the first section of which provides that, from and after that date, "the annual license tax on insurance companies shall be as follows:" "1. ..... an insurance company conformed to the requirements of the act of the legislature of georgia, and received from the comptroller-general a certificate authorizing it to transact business in that state for one ..... as aforesaid, the comptroller-general, when satisfied that the statement is correct, and that the company has fully complied with the provisions of this act, shall issue a certificate of authority to transact business of insurance in this state to the company applying for the same, and to all agents such company may appoint and commission. ..... that, as regards the reservation of power in favor of the states, the result would have been the same if the acts of congress had been silent upon the subject. ..... violating the provisions of this act shall be liable to indictment, and, on conviction, shall be fined not less than one hundred dollars, nor more than five hundred dollars, at the discretion of the jury and court trying the same. .....
Tag this Judgment!Court : US Supreme Court
..... the tenant for life failed to keep down the taxes, an order was made for the appointment of a receiver of so much of the rents and income of the estate as should be necessary to pay off and discharge the amounts then in arrear. ..... 714 levied upon the part of the property not seized by the united states has never been confiscated, and that the title which wassell has since acquired under it may be enforced against the heirs of albert pike after his ..... behalf of the united states were commenced by the seizure, and the decree of condemnation and sale, without any doubt, vested in the united states, or the purchaser at the sale, the interest which the person proceeded against had in the property when the seizure was made, free from all intermediate conveyances or encumbrances, whether the result of the voluntary act of the owner or the action of his creditors against ..... decided that after a seizure and an adjudicated condemnation and sale, under the confiscation act of july 17, 1862, 12 ..... a general rule that so long as the ancestor lives the heirs have no interest in his estate; but the question here is as to the rights which the confiscation act has conferred upon the heirs apparent or presumptive of one whose estate in lands has been condemned and sold. ..... court of the united states for the eastern district of arkansas syllabus certain lands in arkansas, liable to confiscation under the act of july 17, 1862, 12 stat. ..... resolution passed contemporaneously with the approval of the act, 12 stat. .....
Tag this Judgment!Court : US Supreme Court
..... the only question submitted was whether the company was liable for any sum beyond the penalty of $1,000 for its default in paying the tax of five percent upon the amount paid to the holders of the coupons, which represented the interest on its bonds, and upon the dividends payable to its stockholders. ..... paul railway company against erskine, collector of internal revenue for the first collection district of the state of wisconsin, to recover $17,296.12 paid by the company under protest in the year 1870, and by him claimed to be due from it for taxes under the laws of the united states. ..... the penalty of five percent and interest at the rate of one percent per month, apply only to cases of default in the payment of duties upon incomes imposed by sec. ..... 138, was that of $1,000 specially provided for in that section. ..... 122 of the internal revenue act of june 30, 1864, 13 stat. ..... each party excepted to the rulings of the court below, and sued out a writ of error. ..... 121 of the internal revenue act of june 30, 1864, 13 stat. ..... 284, as amended by the act of july 13, 1866, 14 id. ..... 294, and stockdale v. ..... there was a judgment in favor of the company for $3,655.07 and costs. ..... 620 this was an action brought by the milwaukee and st. .....
Tag this Judgment!Court : US Supreme Court
..... take immediate possession of the demised premises and to keep the railroad and branches equipped, and maintain and operate them in such manner as to furnish reasonable accommodations to the public, and to pay all taxes and assessments that might be lawfully levied, charged, or assessed on the roads and property or any part thereof; to assume all leases, contracts, bonds, and other obligations of whatever kind; to pay and discharge all debts and liabilities of every nature, both principal and interest; to make to the stockholders of ..... and property for less compensation than other railroad companies in the state are allowed to charge and receive for transporting persons and property for equal distances, although the labor, cost, and expense of transportation over the road of complainant are full as much per mile as the labor, cost, and expense of like transportation over the roads which are allowed greater compensation therefor, and that said act is therefore in conflict with and a violation of the sixth section ..... neither does it affect the case that before the power was exercised, the company had pledged its income as security for the payment of debts incurred, and had leased its road to a tenant that relied upon the earnings for the means of paying ..... does it affect the case that, before the power was exercised, the company had pledged its income as security for the payment of debts incurred, and had leased its road to a tenant that relied upon the earnings for the means of paying the .....
Tag this Judgment!Court : US Supreme Court
..... but it was declared: "and it is further provided, and this act is upon the express condition that if said railroad company shall not have built their said road within two years from the passage of this act, then and in that case this act shall be null and void, provided that this act shall not apply to pierce ..... plaintiff in error insists that these acts -- the lands of the company having been mortgaged pursuant to the first, and the road having been completed within the time limited by the second -- created a contract within the contract clause of the constitution of the united states, and that therefore the two acts of 1870 abrogating the exemptions were ..... for designated quantities of the land were to issue to the company as successive sections of the road of twenty miles each were completed. ..... " in august, 1868, the company executed a mortgage of its roadway and rolling stock, and of all the lands it might thereafter acquire, as security for its bonds, to the amount of $4,000,000, maturing at ..... 2d of april, 1864, the legislature of wisconsin passed an act whereby, in the first section, it was declared that all the lands in question the title whereto should become vested in the company should be exempt from taxation for ten years from the passage of the act. ..... until then, there could be no income, and there was a constant loss of ..... the tax in question was levied in 1871, and the sale for its nonpayment complained of was made ..... 575 , we said: "the taxing power is vital to the functions .....
Tag this Judgment!Court : US Supreme Court
..... 122, and other sections named, of the act of 1864, as amended, until the 1st of august, 1870, the taxes imposed by all those sections then ..... 122, and in the other sections specified in the seventeenth section of the act of 1870, then it is clear that the section last named revived the sections therein named ..... section did not include the tax upon the income ..... act imposed the income tax. ..... amended; and that it applies exclusively to the tax upon the income of individuals ..... examination of the subject, we are of the opinion that this limitation in the act of 1867 had not, and was not intended to have, any effect upon sec. ..... from the 1st of january to the 1st of july, 1870, amounting to $185,500, matured upon the latter day, and within ten days from that time were paid to the bondholders respectively. ..... in all these instances, the collocation of the provision and the context which precedes it, and that which follows as well, show, with a clearness approaching to a demonstration, that the construction we have given to it is ..... amended, was in force when the act of 1870 was passed, and, without further legislation, would have continued in force indefinitely, unless there was a previous limit to its duration imposed by the act of march 2, 1867, 14 stat ..... of july, 1870, rose, the proper internal revenue officer of the united states, assessed against the plaintiff the sum of $9,270.50 as a tax of five percent upon the amount so paid over to the bondholders. ..... nor any other sum was withheld on account of taxes. .....
Tag this Judgment!Court : US Supreme Court
..... county treasurer shall be authorized and required to receive and collect of the sheriff of the county the income from the tax provided in the previous section, and to apply the same to the payment of the stock subscription according to its terms or to the payments of interest and principal on the bonds, should any be issued in payment of such subscription; he shall pay all interest on such bonds out of any money in the treasury collected for this purpose by the tax so levied as the ..... their several subscriptions, to such counties, cities, or townships so subscribing stock until the whole amount of such subscription is refunded to them, and such sums so apportioned shall be paid over to the county or city treasurer, and applied to the payment of the interest and principal of the bonds issued by such county or city on account of their subscription stock as aforesaid, if any are outstanding, and if not it shall by them be placed to the credit of the school fund in such county, city, or township. ..... judge who delivered the opinion of the court did, indeed, say, "the act expressly requires a majority of the legal voters; that is, of all the legal voters of the city, and not merely of all those who at a particular time choose to vote upon ..... the court held, that in order to confer the requisite authority under the act, it required "a majority of the legal voters -- that is, of all the legal voters -- of the city, and not merely of all those who might, at a particular time, choose to vote .....
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