First National Bank v. Adams, 258 U.S. 362 (1922)
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.
Certiorari to a judgment sustaining a tax on the petitioner.