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IN NEW YORK
With Forms, and an Appendix containing the provision
of the Federal Income Tax Law
Of the New York Bar
MARTIN SAXE AND HENRY M. POWELL
Of the New York Bar
PREFACE TO THE SECOND EDITION
Since the publication of the first edition of this book in 1905 by Mr. Powell, there have been many additions to the case law in connection with local taxation, and the statutory changes affecting the taxation of corporations for state purposes have been frequent and radical. The statute governing the annual franchise tax (SS 182 et seq. Tax Law) which was radically amended in 1906 and 1907 has now been construed by the Courts in most important particulars. The subject of the special franchise tax, which at the time of the publication of the first edition was still before the Federal Courts on the question of its constitutional construction, has now been passed on by those courts as constitutional, and has also been interpreted by the Court of Appeals in this state in many of its features, particularly on the important question of the method of arriving at the value of the special franchise. It may, therefore, be said that the development of this important branch of state taxation has now been marked out on permanent lines. All of these things have induced the authors to prepare and present a second edition of the book, bringing the case and statute law, affecting corporations, in this state, down to date, and to make the book complete as a work on corporate taxation, the new Federal Corporation Tax Law (Income Tax Law) has been added.
The present edition has, in the main, followed the scheme presented in the first edition, viz. : that of a commentary on the statute and case law of taxation. The body of the book has again been divided into four parts. I. Local Taxation, which comprehends the assessments of corporations by local assessors for local purposes. II. The Special Frarchise Tax assessed by state officers, and partly administered by local officers. III.
State Taxation, which includes the assessments of corporations by state officers for state purposes only. IV. Forms to be used respectively in state and local taxation, and for the remedial procedure in franchise tax litigation. Following the body of the book is an Appendix, containing the recently enacted Federal Corporation Tax, a comparative table, showing the difference between the Federal Corporation Tax Law of 1909 and the present Act, a Digest of cases arising under the Act of 1909, and the Internal Revenue Regulations with Forms to be used by Corporations under the Act of 1913.
While the entire volume has received the attention of each of the authors, Parts I and III of the book, devoted respectively to local and state taxation, are the work of Mr. Powell, and Part II, devoted to the special franchise tax, has been prepared by Mr. Saxe. To distinguish the statute law from that part of the book devoted to commentary, the former has been printed in smaller type. The source of the statute is noted at the end of each section of the Tax Law, reference being made to the original Revised Statutes of 1827 or later law, as the case may be. The provisions of the Charter of the City of New York affecting the taxation of corporations, will, as a rule, be found under separate chapter headings.
In conclusion, the authors wish to add that, having compiled the book amidst the demands of a busy practice, they beg the indulgence of their professional brethren. If the reader should meet with errors and omissions, the authors will be pleased to have their attention called to them, so that they may be corrected or supplied in subsequent editions. ,
51 Chambers Street,
New York City.
Dated, January, 1914.