Louisiana Revised Statutes 47:604 – Capital stock
Terms Used In Louisiana Revised Statutes 47:604
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: shall mean a domestic corporation or foreign corporation as provided for in this Section. See Louisiana Revised Statutes 47:601
For the purpose of ascertaining the tax imposed in this Chapter, capital stock, whether having par value or not, shall be deemed to have such value as is reflected on the books of the corporation, subject to examination and revision by the collector, but in no event shall such value be less than is shown on the books of the taxpaying corporation.
Where capital stock is issued for assets and the transaction is treated as a tax free exchange under La. Rev. Stat. 47:131, 132, 133, 135, 136, 137 and 138, the collector shall consider the cost of the assets as determined under La. Rev. Stat. 47:605A and the value of any intangibles acquired as the value of the stock issued to acquire such assets. Capital stock shall include full shares, fractional shares, and any script certificates convertible into shares of stock.
Amended by Acts 1950, No. 444, §1; Acts 1962, No. 272, §1.