Opinion
Decided June, 1878.
The surplus fund which a national bank is required to reserve from its net profits is not excluded in the valuation of its shares for taxation.
PETITION, for abatement of a tax.
Hobbs, for the plaintiffs.
Hall, for the defendants.
The surplus fund which a national bank is required, by U.S. Gen. St., s. 5199, to reserve from its net profits, is not excluded in the valuation of its shares for taxation. F. N. Bank v. Peterborough, 56 N.H. 38; N. Bank v. Com., 9 Wall. 353; People v. Com'rs, 67 N.Y. 516; S.C., 94 U.S. 415.
Petition denied.
FOSTER, J., did not sit.