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OFFICE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
GROVERSELLERS
ATTOINLYGLNCRAL
Eqaorrblr Purt Ouian
Oowty Attoruy
El ?a80 uowty
El raao, mur
us h4ro roo8i*r ooaorrrlrrg the
r nSt!lO
o fd
lr r r r eiy 80id
0loar oporat -
lag ug4.r the pro71 rired Oivllmat-
utrr of TIx88, tar valoror tusr.
t to tmtloa for
the proolrloar of
m lrrooldloa do-
-11, lm tbr eitr
tad, ruder itr
0 ths tu &88#88or
ld la the iollorimg
f ita offlo* fur8ltura
b) vduo ot all
Ohs
to rhloh rwh ~80.
) ths trltu of It8 a8-
of an uou8t roprosemt-
ooountr payable ~4
sush lrosl~tioaj ( 8)
book ral 0r the ah4r.l orrtruadi8g and
tbs .8#3iLd v,clueo? tb fur ~itweld
:f.xtue,s aad roe1 rat&to hold by rwh la 80-
ola4lon ud ratiorod br it far tU8tlOL
(aphwir oury)
You propovad ths follorl~ quortlo~rr
Ionorablr Rrwrt Quinn, pagr 2
‘A. AN the #tOSk#, or 8@vlUS ld in-
VOStmat -0 mOOmt8 &S th@y U@ Oatid,
tamblot
%. on llha b4818 should tha bat;=--
that 18, hov should the ralw of t ia
bo dotomlaodT*
rhioh for th8 PUPpOW O? th18 OpiaiQlr We VOUpSd tOg8th.P.
Under the o lalom of thl8 dopartmoot lo, O-3834,
&pprored Augud 18 15 41, a oop~ of vhlsh la &aohed hero-
to, it 18 hold thr& the r~rl~r l04 lnw8tuat 8hW0 M-,
oountr &re taxable for 8tato @ad aou8tJ bd rtiorem t-8
ia the hands of the OVPOC, rhloh o p inio n laalefa Jour QUOS-
tion QW.
glwo under the porlrly of Artlole 856, Re-
via.6 01~11 8tatUt;Se;: ToxaaC 19 5, kid 8hU.S Shdl be
domed JWSOti W D tho rtiu8tiOn of 8ueh -08
vould be govrraod b tbuL&~irlonr of ahrpter 6 Tltlo
122, Ret1r.d Clrll ktrr of %x88, 1925, &ad ;u,tloulu-
ly Artlolo 7174, rhloh lr la p a r t l8 follorrr
“Per aon property of every da#or lpt loa
&all be rAlued at its true ud full +blue 18
DCOU.g
rour third quortloa 18 am fO11OV8,
‘0. Uhat part ot the resortos, if any,
Of the ASSOOi~tiOa i.8 t-b10 8gain8t t& AS-
SOCi~tiO~ &I 8Wht In aOnRcrotl0~with thl8 QUeS-
t ion, :t bk.3~88it~t.8 COUStFUetl= Of th. UbW
lng of (0) or Art. 881r-55, madly %a value
Of it8 aSrOt th.POia ia UOOSS Of . .. (2) tb
book ttiuS Of the rhrO# OUt Stltdlly. I0
Thlr bera fully lnmN%I by aa 0 ln-
quertlcur has
:06”~ao;t$;sd:g”““, fo. O-5526, lpprorod Juao 7 1941,
lr lttaohod horoto, rhloh bflaor tie Boaa-
lng ot the tom “book v8luo' 8ad dl#tl~8h.# betroaa ths
‘book value’ aad “vlthdrrval value,” vhlrh latter 18 de-
Slwd by &tiCt 881a-47, aStired Civil (it&tub8 Of T@-8,
1925.
-
Ionorablr Pnort Oulna, pago 3
The taxer rhauld b o l88e8ud in rooordaaoo rlth
the foraula hid born la Artlolo 88l.e53, supra, and if ths
#~rpl~S~# rhloh you rOZ@r 80 1~ your letter 90 Sat up on
th8 book8 Of t&S b#SOOi~tiOa a8 t of tha book mluo of
the -08, ruoh 8UF~1U8.8 l
8USt r l utomBtiO~lly doduoted
umber 8ubwotloa (2) of 8ub8rotloa (8) of the utlolo whloh
raqulr.8 tho,dmduotloa OS thr ‘book ~81~. of the rhrr.8
y-~--s, t& St~tUt. boiag phia Wd UiMSbigUOUS iP it8
.
Very truly youm
ATTORRRf 6RRRUL OF TIXA8
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