It is essential, of course, that a concern which has outstanding a number of mortgages receivable should keep itself acquainted with the facts as to the payment of the taxes payable by the mortgagor, especially as it is often the case that the mortgagor postpones such payments and they fall upon the concern. In order to care for these, separate tax lists are made for each county and headed "Mortgage Taxes," and these lists agree with the details given on Form 53, except that the name of the mortgagor is given against each description. As it is the custom in many states to assess the property under the name of the owner, this insertion facilitates reference on the part of the tax collector.

DESCRIPTION OF LANDS in.......................................county

Paid on for 191per attached tax receipt number.........

ISSUED TO

PARTS OF SECTION

SEC

T.

R.

ACRES

100ths

RATE OF TAX

VALUATION

AMOUNT

Form 53. Tax Return.

The safe practice is to make lists showing every piece of mortgaged property, and to send them to the tax collector a short time before the books are closed, asking him to note all unpaid taxes thereon and to return this list to the concern. When such taxes are paid they are, of course, charged direct to "Mortgage Taxes" and should not go through the regular tax accounts. It is to be noted, also, that occasionally taxes include certain assessments for improvements, such as draining wild lands. Each such case must be taken on its own merits, as it is possible that the amounts paid for these assessments, although paid with taxes, may properly be chargeable to Improvements.