First National Bank v. Adams
258 U.S. 362 (1922)

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U.S. Supreme Court

First National Bank v. Adams, 258 U.S. 362 (1922)

First National Bank of Gulfport, Mississippi v. Adams

No. 136

Argued March 2, 1922

Decided April 10, 1922

258 U.S. 362

Syllabus

1. A state tax upon a national bank, based on its capital stock, surplus, undivided profits and other property, is not equivalent to a tax upon the shareholders in respect of their shares, and is invalid under Rev.Stats. § 5219. P. 258 U. S. 364.

2. When the validity of an assessment by state officers is challenged here, the court must determine the effect of the thing actually done; what might have been done under the local statute is not controlling. P. 258 U. S. 365.

123 Miss. 279, 84 So. 707, reversed.

Page 258 U. S. 363

Certiorari to a judgment sustaining a tax on the petitioner.

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