Evening Republican, Volume 23, Number 44, Rensselaer, Jasper County, 19 February 1920 — TAX RULING OF WIDE INTEREST [ARTICLE]

TAX RULING OF WIDE INTEREST

Newcastle, Ind., Feb. 17.—Fred G. Gause, judge of the Henry circuit court here, has overruled a demurrer filed by the state .board of tax commissioners in an injunction suit brought by the Fletcher Savings and Trust company, of Indianapolis, holding that the method of assessing the capital stock and real estate of the company is in effect double taxation. Similar acinterests in Indianapolis and Judge tion was brought by other banking Gause's 'ruling will apply in the other cases, it was said. The court said that the real question in the case involved the in investing $639,000 of its capital fund in erecting a building on ground on which it holds a 99-year lease, with a privilege of renewal for 99 years more, acquired an ownership in real estate within the meaning of the law which provides that whenever a bank or trust company shall have acquired an ownership in real esate, then the amount of the investment in real estate which is carried in the capital stock account shall be deducted from the gross valuation of the capital. / It is expected the case win be appealed to the supreme court.