§ 477a.] THE LAW OF PRIVATE CORPORATIONS. [CHAP. VIII. porate property; 1 and 4, shares of the capital stock in the hands of the individual stockholders. Each of these is, under some circumstances, an appropriate subject of taxation ; and it is no doubt within the power of a state, when not restrained by constitutional limitations, to assess taxes upon them in a way to subject the corporation or the stockholders to double taxation. Double taxation is, however, never to be presumed." 2 § 477rt. A construction of tax laws that will impose double taxation is not to be adopted unless required by the taxation. express words of the statute or by necessary impli- cation. 3 The franchise of a corporation is plainly distinct from its capital or property ; consequently, a tax on the franchise coupled with a tax on the capital or property of a corporation is not double taxation. 4 And the franchise of a railroad company, for instance, may be valued for taxation 1 A tax upon the capital stock of a company is a tax upon its property and assets. Commonwealth v. Stan- dard Oil Co., 101 Pa. St. 119; Fox's Appeal, 112 Pa. St. 337; Com. v. R. R. Co., 188 Pa. St. 169. Cf. People v. Barker, 146 N. Y. 304; Hancock, Comp. v. Singer Mfg. Co., 62 N. J. L. 289. There is no double taxation where a corporation is assessed on its tangible property, and also on the value of its capital stock in excess of the value of its tangible property. Porter v. Rockford, etc., R. R. Co., 76 111. 561 ; Chicago, B. & Q. R. R. Co. v. Siders, 88 111. 320. 2 See Commissioners v. Tobacco Co., 116 N. C. 441; Commonwealth v. Gas Co., 162 Pa. St. 603. For the purposes of taxation, property of a corporation may consist of three dis- tinct things — its capital stock, its surplus, its franchise; but these three tilings, several in the owner- ship of the company, are united in the ownership of the shareholders. Under the N. Y. Statute of 1857 the "capital stock of every company" shall be assessed at its actual value. 478 This value is not to be ascertained by multiplying the nominal capital by the market price of the shares, and then deducting the value of its non-taxable property. People v. Coleman, 126 N. Y. 433. 3 Salem Iron Factory v. Danvers, 10 Mass. 514; Amesbury Woolen, etc., Co. v. Amesbury, 17 Mass. 461; Bank of Georgia v. Savannah, Dudley ( Ga. ), 130; Iron City Bk. v. Pittsburg, 37 Pa. St. 340; Light & Heat Co. v. Elk County, 191 Pa. St. 465; Cooley on Taxation, 2d ed. 227. 4 Carbon Iron Co. v. Carbon Co., 39 Pa. St. 251; Lackawanna Iron, etc., Co. v. County of Luzerne, 42 Pa. St. 424; Delaware R. R. Tax, 18 Wall. 206; Commonwealth v. Lowell Gas L. Co., 12 Allen (Mass.), 75; Commonwealth v. Hamilton Mfg. Co., 12 Allen (Mass.), 298; Monroe Sav. Bk. v. Rochester, 35 N. Y. 365; Spring Valley Water Wks. v. Schot- tler, 62 Cal. 69. But cf. Common- wealth v. Railroad, 165 Pa. St. 44. See, also, Pheuix Carpet Co. v. State, 118 Ala. 143; R. R. v. Harris, 99 Tenn. 684.
