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Supreme Court to rule on ad valorem tax for corporate shares
The Alabama Supreme Court case questions whether shareholders in domestic corporations can be taxed on the value of exempt assets held by the corporation. Lovejoy, president of Montgomery Trust Co and shareholder in Alabama Fidelity, appealed after Montgomery County assessed his shares. If the court sides with Lovejoy, shareholders may be taxed on total asset value including exempt holdings. The case progresses from the circuit court through the court of appeals with a writ of certiorari sought.
MENTIONED IN THIS ARTICLE
Montgomery
Ala
Het
Supreme Court
T. H
T. E. Lovejoy
Circuit Court
Montgomery County
Montgomery Trust Company
Alabama Fidelity and Casualty Company
Alabama
Lovejoy
County Board of Revenue
Attorney General's Department
Board of Revenue
Court of Appeals
Seay