Tax Type
Intangible Personal Property Tax
Description
Capital not otherwise taxed
Topic
Property Subject to Tax
Date Issued
02-28-1985
February 28, 1985
Re: §58-1118 Appeal to the Commissioner
Dear****
This will acknowledge receipt of your letter and a check in the amount of $**** from your client as payment of the non-contested audit issues for the years 1981 and 1982.
In your letter you requested that I consider modifying the assessments on the capital not otherwise taxed for the years captioned above. Your request is based on the department's current position regarding commercial paper as a short-term cash equivalent investment. The department's long-standing policy has been to include commercial paper in taxable capital as such paper represents an unsecured debt of the bank or its holding company thus it is not considered as cash on deposit. The department has ruled on this matter previously as evidenced by the attached letter.
DETERMINATION
On the basis of the above I can find no basis for adjustment and your check for partial payment of the assessment has been deposited. The remaining balance of the assessment therefore remains due and payable.
Sincerely,
W. H. Forst
Tax Commissioner
Re: §58-1118 Appeal to the Commissioner
-
- Capital Not Otherwise Taxed
For the Years 1981 and 1982
- Capital Not Otherwise Taxed
Dear****
This will acknowledge receipt of your letter and a check in the amount of $**** from your client as payment of the non-contested audit issues for the years 1981 and 1982.
In your letter you requested that I consider modifying the assessments on the capital not otherwise taxed for the years captioned above. Your request is based on the department's current position regarding commercial paper as a short-term cash equivalent investment. The department's long-standing policy has been to include commercial paper in taxable capital as such paper represents an unsecured debt of the bank or its holding company thus it is not considered as cash on deposit. The department has ruled on this matter previously as evidenced by the attached letter.
DETERMINATION
On the basis of the above I can find no basis for adjustment and your check for partial payment of the assessment has been deposited. The remaining balance of the assessment therefore remains due and payable.
Sincerely,
W. H. Forst
Tax Commissioner
Rulings of the Tax Commissioner