of all the intangible property of these corporations and associations, the very purpose which the legislature apparently had in mind. For these reasons our conclusion is that the remainder of the section should be held valid, notwithstanding the invalidity of the objectionable provision. The result is that the franchises of the defendants could be taxed only through the taxation of their stock in the manner provided in section 1530." 175

8534. Mississippi.

There is no franchise tax. Corporations pay a tax on their property, being assessed "in the county where the principal office or place of transacting business is situated; and if there shall be no such principal office or place of business," then where it carries on business. 176 "The president or other officer of any joint stock company or corporation the capital stock of which is taxable, other than banks and railroads, shall . . . deliver . . . a written statement under oath of the capital stock paid in, and its market value, and to whom each share belongs; and on failure to furnish such statement, the tax shall be assessed on the whole capital authorized by the charter." 177 The tax provided by these sections is a tax upon all elements of the corporation's property; the real estate and tangible personal property, and in addition its intangible property, which forms part of the value of the capital stock. "It is obvious that the purpose is to tax, under the comprehensive designation of 'corporate stock at its market value,' all species of property owned by the corporation,-whatever enters as a factor in determining its value. It is also evident that taxation of its real and personal property in specie is not taxation of all the various elements of value; for this would exclude, in all cases, the value of the franchise, and also its investments in securities of a nontaxable nature. . . . Though the legis

175 Ibid.

176 Miss. Code, § 3750. 177 Ibid. § 3758.

[Chap. XXII. lature might have levied both an ad valorem tax and a privilege tax upon the company, that levied is an ad valorem tax, and it is not to be presumed that the legislative purpose was to tax the same property twice. In many of the States, when corporate property is assessed, it is provided that there shall be subtracted from its real value the assessed value of its real estate. Under such statutes, all danger of a double assessment is obviated. While our law contains no such provision, we can conceive no more satisfactory and certain process by which the legislative purpose can be carried into effect, nor is there any reason why the assessor and supervisors may not resort to it in determining the taxable value of the stock." 178

A license tax is exacted of corporations doing a mercantile business, as follows, based on the amount of stock in each store:

179

178 Cooper, J., in State v. Simmons, 70 Miss. 485, 12 So. 477.

179 Miss. 1898, ch. 5, § 79.

$535. Missouri.

There is no franchise tax. The property of all manufacturing and business corporations, and all other corporations the taxation of which is not otherwise provided for by law, shall be assessed and taxed to such corporations in their corporate names.180 The real estate is taxable where it is situated 181 and so is the personal property of business and manufacturing corporations, 182 while the personal property of other corporations, when taxed, appears to be assessed "where the owner resides." 183 For State purposes twenty-five cents is payable on each hundred dollars of assessed property, 184 while further taxes are levied for local purposes.185

The term personal property . . . shall . . . include bonds, stocks, moneys, credits, the capital stock, undivided profits and all other means not forming part of the capital stock of every company, whether incorporated or unincorporated, and every share, portion or interest in such stock, profits or means, by whatsoever name they may be designated. 186 A foreign corporation is taxed on its real estate and personal property within the State.1

§ 536. Montana.

187

There is no franchise tax. The property of a corporation. is taxed like that of an individual, the capital stock being taxed as a whole. "The term 'property' includes moneys, credits, bonds, stocks, franchises and all other matters and things, real, personal, and mixed, capable of private ownership; but this must not be construed so as to authorize the taxation of the stocks of any company or corporation when 180 Mo Rev. Stat. § 9153.

181 Ibid. §§ 9169, 9170.

182 Ibid. § 9152.

183 Ibid. § 9121.

184 Ibid. § 9122.

185 Ibid. § 9273.

186 Mo. Rev. Stat. § 7510.

187 Ibid. §§ 1014, 9118.

the property of such company or corporation represented by such stocks is within the state and has been taxed." 188

"The capital stock and franchises of corporations and persons, except as may be otherwise provided, must be listed and taxed in the county, town or district where the principal office or place of business of such corporation or person is located; if there be no principal office or place of business in the State, then at the place in the State where any such corporation or person transacts business." 189

A license tax is imposed upon telephone companies of seventy-five cents per year for each instrument in use. This is valid when confined to instruments used solely in business within the State. 190 Upon mercantile corporations a license fee as follows, graded on the amount of the average sales: 191

There is no franchise tax. All corporations are taxable on their property locally. This property in general includes all intangible property of the corporation, but in the case of cer

188 Mont. Polit. Code, § 3680.

189 Ibid. § 3713.

190 State v. Rocky Mountain Bell Tel. Co., 27 Mont. 394, 71 Pac. 311. 191 Mont. Polit. Code, § 4064.

tain particular corporations a tax on the gross receipts takes the place of a tax on the intangible property.

"All property in this State not expressly exempt therefrom shall be subject to taxation, and shall be valued at its actual value." 192 "The capital stock and franchise of corporations and persons except as otherwise provided shall be listed and taxed in the county, precinct, township, city or village and school district where the principal office or place of business of such corporation' or person is located within this State. If there be no principal office or place of business in this State, then at the place in this State where any such corporation or person transacts business." 193

The property, including franchises within the State, of foreign corporations, is thus reached: "Every company incorporated by the authority of any other State or government and doing business in this State shall [make out a statement containing name, etc.,] a description of all the real and personal property owned by said corporation in said county and the value thereof, together with the true value of its franchise in such county. Such statement shall also contain the amount of gross earnings of such corporation from its business within the state, and the expenses incurred in transacting the same." 194 The assessor may make a valuation if not satisfied with the valuation returned; and he shall assess to the corporation the value of its franchise in addition to the assessed valuation of its property.195 "Any foreign corporation doing business under the laws of this state and owning a special or general franchise from any city of the state shall furnish a report to the assessor the same as required from companies incorporated under the laws of this state.'

"" 196

192 Neb. 1903, ch. 73, § 12.

193 Ibid. § 29.

194 Ibid. § 71.

105 Ibid. §§ 72, 73.

196 Ibid. § 73.