25 N.Y.S. 989 | N.Y. Sur. Ct. | 1893
The act of 1892 imposed a tax upon the transfer of property by will, as in this case. The act further provides for the appointment of an appraiser to fix the fair market value, at the time of the transfer thereof, of property of persons whose estates shall be subject to the payment of any tax imposed by the act. By the 22d section, it is declared that the words “ estate ” and “ property,” as used in the act, shall be taken to mean the property or interest therein of the testator, etc., passing or transferred, and not as the property or interest
The value of the one-half of the estate transferred to Mrs. Warren, and subject to the tax of one per cent, is, therefore, $17,482.48, and the value of that of which Mrs. Gould has the use for life is the same amount and subject to the like tax. Of course, the amount of the tax must be apportioned between the life beneficiary and the legatees in remainder. Her interest having been fixed at $10,175, she must pay one per cent of that sum. On $7,307.48, being the residue, the four children of Mrs. Gould must pay the tax, as on their interest in the remainder. Each one’s share is, therefore, $1,827.