The People Ex Rel. the Savings Bank of New London, Appellants v. Michael Coleman, Commissioners of Taxes of…

Summary

The Court of Appeals affirmed the assessment of a foreign savings bank’s surplus and its ownership of New York bank stock, holding that no statutory exemption applied and that the bank could not deduct its liabilities twice. It also held that depositors, not the bank, are taxable on deposits, and that the bank’s surplus is taxable under the 1882 statute.