James Clark McReynolds

“ Ct. 537, 43 L. Ed. 850, a tax levied upon a corporation measured by the value of its shares is not equivalent to one upon the shareholders in respect of their shares.
Where the validity of an assessment by officers of the state is properly challenged, and the matter comes here, this court must determine the effect of the thing actually done. What might have been done under the local statute is not controlling. We think it clear that the assessment in the present case was against the corporation and beyond the power of the state definitely delimited by section 5219. ”

“ Nothing herein shall be construed to exempt the real property of associations from either state, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed. ”

“ Notes
↑ Nothing herein shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares, in assessing taxes imposed by authority of the state within which the association is located ”