Modern Economic Problems

Cover Modern Economic Problems
Modern Economic Problems
Fetter, Frank A. (Frank Albert), 1863-1949
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In at least eightstates, bonds of the state are exempt, but those of the municipalitiesare taxable, while in a few states the reverse is the case. In severalstates both kinds of bonds when issued after specified dates, areexempt, but in Ohio state bonds are exempt only if issued prior to1913. All but seven of the forty-eight states, however, attempt to taxthe resident holders of state and municipal bonds of other states;but the exceptional states are those in which most of the investorsin this ...class of securities reside. In many cases private debtsreceivable are allowed to be offset against debts payable. In somestates mortgages on real estate are exempted or (in Massachusetts)treated as an interest in the real estate. Rarely mortgages areexempted up to a certain amount (in Indiana, to $700, the purposebeing to tempt the borrower to reveal the name of the lender). Sometimes a special mortgage registration tax, payable but once (inNew York 1/2 of 1 per cent) is levied, and otherwise mortgagesare free from taxation.

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