The Law And Practice of Inheritance Taxation in the State of New York
The Law And Practice of Inheritance Taxation in the State of New York
T Ludlow Thomas Ludlow Chrystie
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It was held that the actual form in which the property existed at the time of the testator's death determined its liability to a transfer tax, and that being real estate, it was exempt. The same rule governs the present case. At the time of the execu- tion of the power of appointment the property was personalty, and the transfer thereof taxable. 1 The estate also contended that the legatees or devisees of the remainders are not subject to taxation until the precedent estates terminate and the r...emainders vest in possession. The court say, page 233: "Under a statute substantially the same 167 N. Y. 280 251 in phraseology, this court held, by Finch, J. , in Matter of Hoffman (143 N. Y. 327), that mere possibilities or chances of the acquisition of property, including not only contingent estates, but also estates technically vested, but liable to be divested, were not liable to taxation until the contingencies had passed or been fulfilled, and the right to succeed to property become certain and absolute.
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