Public Domain Act
February 23rd, 2008 | by admin |It was not until 1866 that Congress passed an act providing for the acquisition of mineral lands to get real estate license within the public domain by individuals at nominal prices. The taxing statute's use of "possession" as the basis for assessment requires a definition of that term. Because "possession" has been the subject of extensive consideration in the field of property law, its definition there provides an important starting point for taxation purposes as well. The property law definition, however, can be only a starting point. A given term cannot be assumed to perform identical functions for purposes of taxation and property law, as "ownership" itself illustrates.
