76 N.Y.S. 222 | N.Y. App. Div. | 1902
The question presented on this appeal is as to .whether certain shares of stock of domestic corporations were subject to a transfer tax upon the death of the. testatrix. This proceeding was instituted by the petition of the executors, which alleged.that on the 8th day of April, 1901, the testatrix, a resident -of the city of New .Orleans, La., departed this life at New York, city, leaving-a.last will and testament duly admitted to probate in New Orleans, and.
It is conceded that if this stock had stood in the name of the testatrix at the time of her death it would have been property within this State subject to taxation. It is claimed by the executors, however, that as the stock stood in the name of Pomeroy Brothers, and not in the name of the testatrix, she, not holding the the legal title to the stock at the time of her death, was not the owner of the stock, but had merely a cause of action to require the stock to be transferred, and this cause of action, not being properly within this State, was not subject to taxation. The provision of the Tax Law under which the Comptroller claims that this property is taxable (Laws of 1896, chap. 908, § 220, subd. 2), reads as follows: “ A tax shall be and is hereby imposed' upon the transfer of any property, real or personal, of the value of five hundred dollars or over, or of any interest therein, or income therefrom, * * * when the transfer is by will or intestate law, of property within the State, and the decedent was a nonresident of the .State at the time of his death.”
It is now settled that the interest of a decedent in domestic corporations represented by certificates of stock is property within the State, within the meaning of the Transfer Tax Act, and, therefore, subject to taxation. (Matter of Bronson, 150 N. Y. 1.) Whether this testatrix held the legal title to this property, or an
It follows that the order appealed from should be affirmed, with costs.
Van Brunt, P. J., McLaughlin and Hatch, JJ., concurred.
Order affirmed, with costs.
Note.— The rest of the cases of this term will be found in the next volume, 72 App. Div.— [Rep.