Vendor and Purchaser: Contract: Breach: Action
Michigan law review
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... out Early Journal Content at http://about.jstor.org/participate--jstor/individuals/early-journal--content. JSTOR is a digital library of academic journals, books, and primary source objects. JSTOR helps people discover, use, and build upon a wide range of content through a powerful research and teaching platform, and preserves this content for future generations. JSTOR is part of ITHAKA, a not--for--profit organization that also includes Ithaka S+R and Portico. For more information about JSTOR, please contact firstname.lastname@example.org. RECENT IMPORTANT DECISIONS RECENT IMPORTANT DECISIONS RECENT IMPORTANT DECISIONS I68, in support of its view. In support of the contention that the statute provided for taking property without due process of law, two arguments were advanced: (I) that a tax on sales is really a tax on property and that, therefore, the act, as applied to the shares of a foreign corporation owned by now-residents, is invalid, and (2) the adoption of the face value of the shares as the basis of the tax, renders it invalid. The Court answered the first of these two objections as follows: "A sale depends in fact on the law of the state where it takes place for its validity and, in the courts of that state, at least, for the mode of proof. * * * Therefore the state may make parties pay for the help of its laws, as against the objection," On the second point the Court said that here again equality must yield to practical consideration and usage. The Court also held that the sale which took place was not interstate commerce. In a recent case, the New York Court of Appeals, construing an amendment to the above act, placed its own limits upon the power of the legislature to depart from the actual value of the stock in the assessment of the tax. (See next note.) TAXATION-VALIDITY OF STOCK TRANSFER TAX-EQUALITY AND UNI- FORMITY.-New York Laws I905, p. 474, c. 24I, ? 315, which imposes a tax on sales of stock of domestic and foreign corporations of two cents "on each one hundred dollars of face value or fraction thereof," was amended by Laws i906, p. ioo8, c. 414, so as to impose a tax of two cents per share on the sale of all shares of the face value of one hundred dollars, and of all shares of the face value of any fraction thereof. The amendment was held unconstitutional. People ex rel. Farrington v. Mensching (I907), -N. Y.