Annual Report of the Auditor of the State of North Carolina

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Page xx - ... deduct his debts from his solvent credits more than from any other item? He can only reduce his taxes on account of his debts, if his property happens, in part at least, to take the form of solvent credits. This is an injustice to other taxpayers. If allowance is to be made for debt, it should be made in all cases. In the second place, such an exemption furnishes a cover for evasion of taxation. If a taxpayer owns a mortgage, he may set off against this credit his real or fictitious debts. If...
Page vii - It is well understood that the aggregate of the general appropriations of each Legislature in this, as in other states, generally greatly exceeds the amount of actual cash in the hands of the State Treasurer when such appropriations are made. The taxes levied and in process of collection are treated as in the state treasury, though not yet actually paid over to the State Treasurer. It has been ruled in several cases, and by high judicial authority, that state funds, so in sight, but not yet in hand,...
Page xx - ... debts owing by him as principal creditor." This provision may be attacked from two sides. In the first place, why should a taxpayer be allowed to deduct his debts from his solvent credits more than from any other item? He can only reduce his taxes on account of his debts, if his property happens, in part at least, to take the form of solvent credits. This is an injustice to other taxpayers. If allowance is to be made for debt, it should be made in all cases. In the second place, such an exemption...
Page xx - ... evasion of taxation. If a taxpayer owns a mortgage, he may set off against this credit his real or fictitious debts. If this privilege were not allowed him, he would be obliged to list his mortgage, since it is a matter of public record and he would not dare to neglect to give it in to the assessor or list-taker. But as it is, who can say what a man owes? Even though the assessor knows of many solvent credits belonging to such taxpayer, he can have no means of ascertaining the offsetting indebtedness,...
Page xx - One part of the North Carolina listing act appears to have been especially intended to aid the " tax-dodger " in accomplishing his designs. Paragraph 7, section 16, of the assessment act declares: " The party may deduct from the amount of his credits owing to him the amount of collectable debts owing by him as principal creditor.
Page vii - In compliance with the requirement of law I have the honor to submit herewith the fifth Biennial Report of the Department of Public Instruction, covering the years commencing July 1.
Page 255 - Atlantic and North Carolina Railroad Dividends Banks, License Tax on-- Banks, Tax on...

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