157 N.Y.S. 653 | N.Y. Sur. Ct. | 1914
This is an appeal from an order assessing a tax upon the transfer of property affected by the will of decedent. The ground of appeal is that the appraiser erred in appraising the value of the good will of the A. T. Demarest Company..
The decedent died bn the 15th of June, 1908. The total authorized capital stock of the A. T. Demarest Company was 1,000 shares, and of this amount the decedent owned 997 shares. The appraiser’s valuation of the good will of the business was obtained by adding the net profits realized by the company for three years immediately preceding the date of the decedent’s death and dividing the sum by three. The quotient, $61,751.70, was the average annual profits for the three years, and the appraiser reported that this sum was the value of the good will of the business.
The order fixing tax will be reversed, and the appraiser’s report remitted to him for correction as indicated.