are received from goods or property so manufactured or mined by it within this State." 216

541. New Mexico.

There is no general corporation tax in the Territory; but the property of corporations is taxed like that of individuals, and there is besides an occupation tax upon merchants.

"All property in this Territory not exempt by law shall be subject to taxation." 217

The term "personal property" includes everything which is a subject of ownership, not included within the term real estate. The term "credit" includes every claim and demand for money or other valuable thing and every annuity.218

The property of every firm and corporation must be assessed in the county where the property is situated, and in the name of the firm or corporation. Such firm or corporation shall pay the tax, and may charge the same to its partners or stockholders, according to their respective share. The owner or holder of stock in any firm or corporation, the entire capital or property of which is assessed, must not be assessed individually for such stock. 219 Shares of corporations and companies shall be assessed at their cash value.220 This would cover all stock owned within the Territory.

A license or occupation tax on merchants is exacted according to the following scale: Where annual sales are five to ten thousand dollars, an annual-tax of ten dollars; on sales from ten to twenty thousand dollars, twenty dollars; twenty to fifty thousand dollars, fifty dollars; fifty to seventy-five thousand dollars, seventy-five dollars; seventy-five to one hundred thousand dollars, one hundred dollars; over one hundred thousand dollars, one hundred fifty dollars.221

216 N. J. 1904, ch. 221, § 2.

217 N. Mex. Comp. L. § 4018.

218 Ibid. § 4019.

219 Ibid. § 4025.

220 Ibid. § 4028.

221 Ibid. § 4141.

§ 542. New York: general principles.

Corporations, both domestic and foreign, are taxable locally and also by the State. The taxation is regulated by the Tax Law of 1896.222

"All real property within this state, and all personal property situated or owned within this State, is taxable unless exempt from taxation by law." 223

The exemption must be by statute.224 Among the statutory exemptions the following are important to corporations:

"13. A bond, mortgage, note, contract, account or other demand, belonging to any person not a resident of this state, sent to or deposited in this state for collection; the products of another state, owned by a nonresident of this state and consigned to his agent in this state for sale on commission for the benefit of the owner; moneys of a nonresident of this state, under the control or in the possession of his agent in this state when transmitted to such agent for the purpose of investment or otherwise.

"14. The deposits in any bank for savings which are due depositors, the accumulations in any domestic life insurance corporation, held for the exclusive benefit of the insured, other than real estate and stocks, now liable for taxation; and the accumulations of any incorporated co-operative loan association upon the shares of such association held by any per

"The terms 'personal estate,' and 'personal property,' as used in this chapter, include chattels, money, things in action, debts due from solvent debtors, whether on account, contract, note, bond or mortgage; debts and obligations for the payment of money due or owing to persons residing within this state, however secured or wherever such securities shall be held; debts due by inhabitants of this state to persons not re

222 N. Y. 1896, ch. 908.

228 Tax Law, § 3.

224 Rochester v. Coe, 25 App. Div. 300.

225 Tax Law, § 4.

siding within the United States for the purchase of any real estate; public stocks, stocks in moneyed corporations, and such portion of the capital of incorporated companies, liable to taxation on their capital, as shall not be invested in real estate."

"' 226

"The real estate of all incorporated companies liable to taxation, shall be assessed in the tax district in which the same shall lie, in the same manner as the real estate of individuals. All the personal estate of every incorporated company liable to taxation on its capital shall be assessed in the tax district where the principal office or place for transacting the financial concerns of the company shall be, or if such company have no principal office, or place for transacting its financial concerns, then in the tax district where the operations of such company shall be carried on. In the case of toll bridges, the company owning such bridge shall be assessed in the tax district in which the tolls are collected; and where the tolls of any bridge, turnpike, or canal company are collected in several tax districts, the company shall be assessed in the tax district in which the treasurer or other officer authorized to pay the last preceding dividend resides." 227

The assessors shall assess corporations liable to taxation in their respective tax districts upon their assessment-rolls in the following manner:

1. In the first column the name of each corporation, and under its name the amount of its capital stock paid in and secured to be paid in; the amount paid by it for real property then owned by it wherever situated; the amount of all surplus profits or reserve funds exceeding ten per centum of their capital, after deducting therefrom the amount of said real property and the amount of its stock, if any, belonging to the State and to incorporated literary and charitable institutions. 2. In the second column the quantity of real property

226 Ibid. § 2.

227 Ibid. § 11.

except special franchises owned by such corporation and situated within their tax district.

3. In the third column the actual value of such real property, except special franchises.

4. In the fourth column the amount of the capital stock. paid in and secured to be paid in, and of all such surplus profits or reserve funds as aforesaid, after deducting the sums paid out for all the real estate of the company, wherever the same may be situated, and then belonging to it, and the amount of stock, if any, belonging to the people of the State and to incorporated literary and charitable institutions.

5. In the fifth column the value of any special franchise owned by it as fixed by the State board of tax commissioners. 228 Special franchises are taxed in connection with real property according to the following provisions: "The State board of tax commissioners shall annually fix and determine the valuation of each special franchise subject to assessment in each city, town, or tax district. . . . The valuations of every special franchise as so fixed by the State board shall be entered by the assessors or other officers in the proper column of the assessment roll before the final revision and certification of such roll by them, and become part thereof with the same force and effect as if such assessment had been originally made by such assessor or other officer." 229

No deduction shall be allowed in the assessment of personal property by reason of the indebtedness of the owner contracted or incurred in the purchase of non-taxable property or securities owned by him or held for his benefit, nor for or on account of any indirect liability as surety, guarantor, indorser or otherwise, nor for or on account of any debt or liability contracted or incurred for the purpose of evading taxation. 230

Non-residents of the State doing business in the State,

228 Ibid. § 31, as amended 1899, ch. 712.

229 Tax Law, § 42, as amended 1904, ch. 382.

230 Ibid. § 6.

either as principals or partners, shall be taxed on the capital invested in such business, as personal property, at the place where such business is carried on, to the same extent as if they were residents of the State.231

Under this provision it is not doing business within the State to ship into the State manufactured products for sale, or even to keep an office, sell the goods there, and remit the proceeds to the home State.232 If, however, at the local office it had a manager, employing travelling salesmen, and collecting the price of goods sold by them, it is doing business in the State and is taxable on its capital there employed.233 So the filing of a certificate of intention to engage in business will justify holding that the foreign corporation is engaged in business; 234 and so where the sales agency becomes a permanently established business.235

§ 543. New York: local taxation of capital stock.

The capital stock of every company liable to taxation, except such part of it as shall have been excepted in the assessment-roll or shall be exempt by law, together with its surplus profits or reserve funds exceeding ten per centum of its capital, after deducting the assessed value of its real estate, and all shares of stock in other corporations actually owned by such company which are taxable upon their capital stock under the laws of this State, shall be assessed at its actual value. 236

231 Ibid. 7. Foreign corporations are taxable at their principal office under this section: P. v. McLean, 80 N. Y. 254.

232 People v. Comrs., 23 N. Y. 242; People v. Barker, 5 App. Div. 246, 39 N. Y. S. 154, affirmed 149 N. Y. 623 (disapproving People v. Barker, 36 N. Y. S. 76); People v. Wells, 42 Misc. 423, 87 N. Y. S. 84; People v. Wells, 42 Misc. 86, 85 N. Y. S. 533.

233 People v. Barker, 157 N. Y. 159, 51 N. E. 1043; People v. Feitner, 49 App. Div. 108, 62 N. Y. S. 1107.

234 People v. Feitner, 60 App. Div. 628, 70 N. Y. S. 836; People v. Feitner,

31 Misc. 553, 65 N. Y. S. 518.

235 People v. Wells, 41 Misc. 144, 83 N. Y. S. 936.

236 Tax Law, § 12.