I. In General (See G. S. 1913, § § 2015, 2201, 2202, 2203, 2204, 2205, 2329 to 2332).

§ 732. Assessment of corporations - capital stock-G. S. 1894 G. S. 1894, § 1530, was designed to constitute the exclusive method of listing and assessing for taxation the fran

G. S. 1913, § 2329. Person operating elevator to list - Every person, firm or corporation operating a grain elevator or warehouse in this state shall at the time by law provided for the listing of personal property for taxation furnish to the assessor of the assessment district wherein such elevator or warehouse is situated a full and true list or statement of all grain, specifying the respective amounts and different kinds thereof received in or handled by such elevator or warehouse for and during the year immediately preceding March 1st of such year in which such list or statement is so to be made. ('09 c. 466 § 1)

G. S. 1913, § 2330. Amount of tax Every such person, firm or corporation shall in lieu of all other taxes upon such grain pay thereon one-fourth of one mill per bushel upon all wheat and flax and one-eighth of one mill per bushel upon all other grain received in or handled by such elevator or warehouse during such preceding year. ('09 c. 466 § 2)

G. S. 1913, § 2331. How levied, paid and distributed - Such tax shall be levied, paid and collected, and distributed in the same manner as other taxes on personal property are levied, paid, collected and distributed in the county wherein such elevator or warehouse is situated. ('09 c. 466 § 3)

chises and other intangible property of corporations and associations falling within its purview. The method there provided. for reaching such intangible property for taxation is by listing

G. S. 1913, § 2332. Refusal to list Assessment - If any such person, firm or corporation fails or refuses to so make such list or statement at the time above provided, the assessor shall deliver a statement in writing showing such failure or refusal to the county board of equalization of such county and thereupon the said county board of equalization shall place upon the assessment rolls such amount of such grain as to them may seem just and proper. ('09 c. 466 § 4)

G. S. 1913, § 2015. Corporations, companies, and associations generally The president, secretary, or principal accounting officer of every company and association, incorporated or unincorporated, except railroad, insurance, telegraph, telephone, express, freight line, and sleeping car companies, and banking corporations whose taxation is specifically provided for in this chapter, when listing personal property, shall also make out and deliver to the assessor a sworn statement of the amount of its capital stock, setting forth particularly:

1. The name and location of the company or association.

2. The amount of capital stock authorized, and the number of shares into which it is divided.

3. The amount of capital stock paid up.

4. The market value, or, if they have no market value, then the actual value, of the shares of stock.

5. The value of its real property, if any.

6. The value of its personal property.

7. The total amount of all indebtedness, except the indebtedness for current expenses, excluding from such expenses the amount paid for the purchase or improvement of property.

The aggregate amount of the fifth and sixth items shall be deducted from the total amount of the fourth item, and the remainder, if any, shall be listed as "bonds or stocks," under [R. L.] § 835, subd. 23 [since amended, see 2013]. The real and personal property of each company or association shall be listed and assessed the same as that of private persons. If the proper officer shall fail or refuse to make such statement, the assessor shall make such statement from the best information he can obtain. Mortgages of building associations, which are represented in their stock and assessed as stock, shall not be assessed as mortgages. They shall list their real estate and all personal property as provided in this section. (§ 838, R. L. '05)

G. S. 1913, § 2201. Public and railroad lands becoming taxable - Lands reverting, etc. - On April 1 in each year the state auditor shall obtain lists of all government and railroad lands becoming taxable, and he shall compile therefrom, and from the records of sales of state lands, complete lists of all such lands; and on or before April 15 in each year he shall certify the same for taxation to the auditors of the counties in which such lands lie. At the same time he shall obtain lists of lands reverting to the railroad companies each year by reason of the forfeiture of contracts, and certify the same to the county auditors for the cancellation of taxes. The railroad companies shall report such sales and forfeitures to the state auditor April 1 in each year, and at other times when required by him. All forfeited lands not so reported shall be held for all taxes accruing thereon. (§ 992 R. L. '05)

G. S. 1913, § 2202. Railroad lands - When become taxable — Rights acquired at tax sale -Whenever any railroad company owning lands granted to it to aid in the building of its road, and exempted by law from taxation until leased, contracted, or sold by such company, sells, assigns, transfers,

and assessing the entire capital stock at its market or actual value, less certain specified deductions.

State v. Duluth Gas & Water Co., 76 Minn. 96 (78 N. W. 1032).

§ 733. Foreign railway company-under G. S. 1894-A foreign railway company paying a tax on its gross earnings is not taxable under § 1530, G. S. 1894, providing for taxation upon capital stock of corporations, but under other sections of

or disposes of any estate, right, title, or interest therein or thereto, such right, title, estate, or interest shall become taxable, and be assessed and taxed, and such taxes shall be enforced, as in the case of other real property. In such assessment, and in the proceedings to collect and enforce such taxes, it shall be sufficient to refer to the owners of such estate, right, title, or interest as 'unknown." The purchaser at any such tax sale, or from the state if bid in for the state, or his successor in interest, shall acquire and be subrogated to all the right, title, estate, or interest of the person holding the same under or from such company, subject to the right of redemption, as in other cases, and may do every act or thing which such person might do in order to be entitled to a perfect title or deed of such lands from such company. Upon production to such company of the tax certificate, in case there has been no redemption from such tax sale, such purchaser or his successor in interest may make any payment of principal or interest due or to become due to such company as assignee of such person. If the person entitled to redeem from such tax sale fails so to do within the time allowed by law, and at the same time to pay to the county treasurer, for the use of the holder of such tax certificate, the amount of all payments of principal and interest by him or any prior holder made to such company on account of such lands, with interest thereon from the time of such payments at the rate of twelve per cent. per annum, then, upon filing with such company a certificate of the county auditor showing that no such redemption has been made, the holder of such tax certificate shall be entitled to receive from such company such deed or contract as the person whose right, title, estate, or interest was so sold at such tax sale originally received from such company, or would then be entitled to receive from it, with like effect, and in lieu thereof. (§ 993 R. L. '05)

G. S. 1913, § 2203. When stock, etc., represents lands When any special stock or land stock, or any writing or instrument whatever, is or has been issued by any railroad company with the intention of granting, transferring, or securing to the person to whom the same is issued any right, title, interest, or estate in or to any lands held by such company, the right, title, interest, or estate so granted, transferred, or secured shall be subject to taxation as provided in § 2202. (§ 994 R. L. '05)

G. S. 1913, § 2204. Taxability in litigation - Tax rate, how fixed When the taxability of any of the lands mentioned in §§ 2202, 2203, or of any interests therein, is in litigation, the proper officers of any county or subdivision of the state in which such lands lie, in fixing the tax rate, may fix such rate as will raise the amount required on other property as if such lands or interests were not taxable for such year; but such lands and interests shall be assessed and taxed as other property. (§ 995 R. L. '05)

G. S. 1913, § 2205. Company to report transfers - Forfeitures - Every railroad company which issues any stock, contract, or writing granting, transferring, or securing to any person any estate, right, title, or interest in or to any such lands shall within the time required by law report the same to the state auditor, and any failure so to report shall operate as a forfeiture of its corporate franchises and privileges, and the attorney general shall thereupon proceed against such company to have its charter and franchises declared forfeited. (§ 996 R. L. '05)

chapter 11, providing for taxation of property generally. But such corporation upon which no demand was made to list its credits, the tax on which had not been commuted by that law, may deduct its bonded indebtedness under provisions of G. S. 1894, § 1526. Failure to list and claim the deduction does not deprive such corporation of its statutory right to deduct its indebtedness from its credits. Such railway company is an exception to the rule that taxpayer must list his debts and claim his exemption because of uniform interpretation of doubtful statute by state departments not to require return.

State v. Nor. Pac. Ry. Co., 95 Minn. 43 (103 N. W. 731).

§ 734. Unverified return of property by corporation — under G. S. 1894, § 1530- The proper officer of a corporation made and delivered to an assessor a statement of the amount of its capital stock and the other items as required by G. S. 1894, § 1530, except that it failed to include therein any statement that such corporation was indebted in any amount, and failed to verify such statement. Held, that the failure of the officer to swear to such statement did not invalidate it, and that the legal effect of said return constituted a representation that there was no indebtedness of the corporation.

State v. Northern Trust Co., 73 Minn. 71 (75 N. W. 754).

§ 735. Same-statement by corporation-Held, also, that though said statement did not conform to the requirements of the statute yet, having been made out by the proper officer of the corporation, it cannot call in question its validity.

State v. Northern Trust Co., 73 Minn. 70 (75 N. W. 754).

§ 736. Same-tax statement by corporation - Held, further, that it was not competent upon the hearing of the citation to show cause why the corporation should not pay its taxes, for it to prove that, at the time the statement was made out by its officer, it was indebted in a large sum, which should have been inserted in said statement, but was not.

State v. Northern Trust Co., 73 Minn. 70 (75 N. W. 754).

§ 737. Corporation — capital stock capital stockNo part of the capital. stock of the companies or associations whose property is listed for taxation under G. S. 1894, § 1530, is taxable as such, where the value of its real property or of its personal property, or the aggregate value of both taken together, exceeds the market value of its capital stock. The real and personal property of such a

company or association is to be assessed and taxed precisely as is property of the same character held or owned by a private party.

State v. St. Paul Trust Co., 76 Minn. 423 (79 N. W. 543).

§ 738. Building and loan associations-constitution - Held that Laws 1889, ch. 236, § 35, and Laws 1891, ch. 131, §§ 34, 35 (G. S. 1894, §§ 2888, 2889), are unconstitutional, for they exempt from taxation in this state a substantial portion of the personal property of building and loan associations doing business within. and without this state contrary to the provisions of § 3, art. 9 of the Constitution.

State v. Pioneer Savings & Loan Co., 63 Minn. 80 (65 N. W. 138).

§ 739. Taxation of foreign stocks constitutional § § 794, 797, R. L. 1905, providing for the taxation of all shares of stocks in foreign corporations owned by residents of this state, are constitutional.

State v. Nelson, 107 Minn. 319 (119 N. W. 1058).

BANKS AND TRUST COMPANIES (See G. S. 1913, §§ 2016, 2017, 2018, 2019, 2020, 2021, 2268, 2269).

Returns by corporations-see § 734, 5, and 6 supra.

§ 740. Stock in national banks To justify a state in taxing shares of stock in national banks, subject to the condition in § 41,

G. S. 1913, § 2016. Private bankers, brokers, and banks without stockThe accounting officer of every bank whose capital is not represented by shares of stock, and every private banker, broker, and stockjobber, when listing personal property, shall also make out and deliver to the assessor a sworn statement showing:

1. The amount of money on hand or in transit.

2. The amount of funds in the hands of other banks, brokers, or others subject to draft.

3. The amount of checks or cash items not included in either of the preceding items.

4. The amount of bills receivable, discounted or purchased, and other credits due or to become due, including accounts receivable, and interest accrued but not due, and interest due and unpaid.

5. The amount of bonds and stock of every kind (except United States bonds), and shares of capital stock of joint stock or other companies or corporations held as an investment, or in any way representing assets. 6. All other property appertaining to said business, other than real estate which shall be listed and assessed as other real estate under this chapter. 7. The amount of all deposits made with them by other persons.

8. The amount of all accounts payable, other than current deposit accounts.

The aggregate amount of the seventh and eighth items shall be deducted from the aggregate amount of the first, second, third, and fourth items, and the remainder, if any, shall be listed as money, under [R. L.] § 835, subd. 19 [since amended, see § 2013]. The amount of the fifth item shall