15 N.Y.S. 548 | N.Y. Sur. Ct. | 1891
By the will of testator his resid
It is also claimed in behalf of the residuary legatees that $13,000 par value United States bonds included in the residuum are not taxable. It has been frequently held by courts of competent jurisdiction that United States bonds are taxable under this act. Estate of Howard, 5 Dem. 483; Wallace v. Myers, 38 Fed. Rep. 184; Estate of Van Kleeck, 121 N. Y. 701. In Strode v. Commonwealth, 52 Pa. St. 181, the executor, in the settlement with the residuary legatees, transferred to them specific United States bonds at the time at which they were appraised; and the question was whether, under the laws of the United States and of the state of Pennsylvania, the said bonds were liable to the Collateral Inheritance Tax. Woodward, C. J., in rendering the opinion of the court, said: “ The simple question is whether our collateral inheritance tax is applicable to that part of the testator’s estate which consisted of bonds of the United States that were by law exempted from state taxation, and the opinion of the learned' judge below is so satisfactory as to leave very little for us to add. The mistake of the learned counsel for the plaintiff in error consists, we conceive, in treating this as a tax of the government bonds, when it is really a tax upon the decedent’s estate, dying without lineal heirs ; and it does not help