Sun Mutual Insurance v. Mayor of New York
This text of 1 Seld. Notes 94 (Sun Mutual Insurance v. Mayor of New York) is published on Counsel Stack Legal Research, covering New York Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
Mutual insurance companies are liable to taxation on their capital stock, under the statute “concerning the assessment of taxes on incorporated companies.”
The amount of capital on which they may be taxed, may vary according to the increase or diminution of their accumulated premiums, invested to produce income, or held to provide for losses, such accumulated premiums constituting capital liable to taxation.
(See 4 N. Y. 442; S. C., 8 N. Y. 743.)
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1 Seld. Notes 94, Counsel Stack Legal Research, https://law.counselstack.com/opinion/sun-mutual-insurance-v-mayor-of-new-york-ny-1853.