By the tax act of January, 1855, bank stocks, in which a savings institution has invested its deposits, for income, cannot be taxed to the corporation; such stocks representing the deposits which, under the act, are taxable to the depositors in the towns where they respectively reside.
To the declaration, which specially averred these facts, a general demurrer was filed.
BOSWORTH, J.[fn1] [fn1] Ames, C.J., having been of counsel in this case, did not sit in it.
For the reasons given by us in the case of the American Bank v. James Mumford, Collector, we are of opinion, that the personal property of the depositors, in the keeping of a savings institution, cannot be taxed to the corporation. Such property is, by provision of law, all to be taxed to the owners or depositors in the towns where they respectively reside. To assess the corporation also for the same property, would practically amount to a taxation of the depositors for it twice; whereas, the law intends that they shall be taxed for it once only.