Memphis, Shelby County Ordered to Pay Midland Bank Back Local Taxes

American Banker, March 5, 1984 | Go to article overview

Memphis, Shelby County Ordered to Pay Midland Bank Back Local Taxes


MEMPHIS -- The Tennessee Supreme Court has ordered the city of Memphis and Shelby County to pay back to Midland Bank & Trust Co. local bank taxes the governments should not have collected in 1977 and 1978.

The order, which Midland's attorney, David Scruggs, said will mean $88,378 in tax refunds and interest for the bank, had gone to the U.S. Supreme Court.

J. Minor Tait Jr., a lawyer for the city, said he will recommend that the city "pay whatever we owe." Mr. Scruggs said that amounts to $42,444.

William C. Bateman Jr., who represented the county, said he has no recommendation to make but will consider Mr. Tait's stance when he reviews the opinion. The city and county have been in accord during most of the legal process, and "I don't anticipate a falling out at this juncture," said Mr. Bateman. Mr. Scruggs said the county's share is $45,934.

Lawyers in the Tennessee attorney general's office will review the opinion and make a decision on whether to file for a rehearing before the State Supreme Court, said Joe C. Peel, assistant attorney general. The state has 10 days to file for a new hearing.

The suit stemmed from a change in local bank and corporate excise tax laws, which impose a tax of 3% of the net earnings of banks doing business in the state, less part of ad valorum taxes paid by the bank. The law taxed interest on U.S. government securities but not income from Tennessee obligations.

The U.S. Supreme Court in January 1983 rules that the tax discriminated against federal securities in violation of U.S. laws and sent the case back to the state courts for further action. Last year, the Tennessee legislature changed the law so that income from federal securities also is exempt from taxes.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Memphis, Shelby County Ordered to Pay Midland Bank Back Local Taxes
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.