226 00 37.50 None ANNUAL LICENSE TAX. FOREIGN CORPORATIONS. Capitalization not over 10,000 00 20,000 00 25,000 00 50,000 00 75,000 00 100,000 00 200,000 00 250,000 00 500,000 00 1,000,000 00 2,000,000 00 5,000,000 00 1,613 50 3,113 50 500 00 1,000 00 7,613 50 2,500 00 501 50 125 00 863 50 250 00. None Authorized capital. 100 00 Proportion of assets employed in state. District of Columbia. None TAX ON NONRESIDENT STOCKHOLDERS AND STOCKS OF FOREIGN CORPORATIONS. (A) This question does not seem to have been raised or passed upon. (B) Under substantially similar laws, other states are taxing such stock. In the states so marked, however, no claim is made for such a tax, or else there is no effective method provided for collecting it. (C) In the states so marked it was apparently the opinion of their tax officials in 1910 that they were not entitled to collect such a tax, and we do not know that the law is now being construed differently. Their laws, however, are practically identical with the laws of states which claim this tax and moreover contain a provision for enforcing its collection. (D) In states so marked a corporation transferring stock or delivering securities is held responsible itself, if the inheritance tax has not been paid. (E) These states also tax registered bonds of local corporations owned by nonresidents. INHERITANCE TAX ACT OF 1893. APPLICABLE WHERE DECEDENT DIED PRIOR TO JULY 1, 1905. The original tax on collateral inheritance was by statute approved March 23, 1893 (Stats. 1893, p. 193), and in effect sixty days thereafter. The amount of the tax was 5%, and the following were exempted from taxation: "Father, mother, husband, wife, lawful issue, brother, sister, the wife or widow of a son, or the husband of a daughter, or any child or children adopted as such in conformity with the laws of the State of California, and any lineal descendant of such decedent born in lawful wedlock, or the societies, corporations, and institutions now exempted by law from taxation." No estate valued at less than $500 was subject to taxation. Taxations are payable under this act on the estates of all persons who died from the time when the act went into effect down to the first day of July, 1905. By amendment approved March 9, 1897 (Stats. 1897, p. 77), the exemptions were extended to the following: "Niece or nephew when a resident of this State, or to any public corporation, or to any society, corporation, institution, or association of persons engaged in or devoted to any charitable, benevolent, educational, public, or other like work (pecuniary profit not being its object or purpose), or to any person, society, corporation, institution, or association of persons in trust for or to be devoted to any charitable, benevolent, educational, or public purpose." By amendment effective March 14, 1899 (Stats. 1899, p. 101), brothers, sisters, nieces and nephews were deprived of the benefit of the exemption. By the amendment of 1903, effective March 20, 1903 (Stats. 1903, p. 268), the exemption was extended to any person to whom the deceased for not less than ten years prior to death stood in the mutually acknowledged relationship of a parent, and to lineal ancestors. TABLE OF RATES AND EXEMPTIONS UNDER LAW OF 1905. APPLICABLE WHERE DECEDENT DIED BETWEEN JULY 1, 1905, AND JULY 1, 1911. Property Deduction of $25,000 $50,000 $100,000 In Excess to to to of from $25,000. $50,000. $100,000. $500,000. $500,000. Widow or minor child, $10,000. Others, 4,000. 1% 12% 2% 22% 3% CLASSIFICATION OR INDICATION OF RELATIONSHIP. Husband, wife, lineal issue, lineal ancestor, adopted or mutually acknowledged child.. Brother, sister, or descendant of either, wife or widow of a son, husband of a daughter.. Uncle, aunt, or descendant of either. Grand-uncle, grand-aunt, or descendant of either Other degree of collateral consanguinity, TABLE OF RATES AND EXEMPTIONS UNDER LAW OF 1911. Property Deduction of $25,000 $50,000 $100,000 In Excess to to to of from $25,000. $50,000. $100,000. $500,000. $500,000. 1% 2% 3% 4% 5% 4% 6% 8% 10% $1,500 3% 6% 9% 12% 15% CLASSIFICATION OR INDICATION OF RELATIONSHIP. Husband, wife, lineal issue, lineal ancestor, adopted or mutually acknowledged child... Brother, sister, or descendant of either, wife or widow of a son, husband of a daughter.. Uncle, aunt, or descendant of either. Grand-uncle, grand-aunt, or descendant of either Other degree of collateral consanguinity, stranger in blood, body politic or corporate. *Exemptions from Taxation.-The following exemptions from the tax are allowed: (1) All property transferred to socie ties, corporations, and institutions now or hereafter exempted by law from taxation, or to any public corporation, or to any society, corporation, institution, or association of persons engaged in or devoted to any charitable, benevolent, educational, public or other like work (pecuniary profit not being its object or purpose), or to any person, society, corpora tion, institution, or association of persons in trust for or to be devoted to any charitable, benevolent, educational, or publie purpose, by reason whereof any such person or corporation shall become beneficially entitled, in possession or expectancy, to any such property or to the income thereof shall be exempt. |