134 N.Y.S. 679 | N.Y. Sur. Ct. | 1911
The executors appeal from an order fixing a tax upon the estate of decedent. The decedent died in October, 1910. On or about June 1, 1909, he had a conversation With his son, Joseph Loewi, and the executors contend that because of certain words used by the decedent in this conversation he made a valid gift inter vivos of certain railroad bonds and bonds and mortgages on real estate, aggregating $311,-000, to his four children. They also contend that the gift was not made in contemplation of death, but that if the court should find that the gift was made in contemplation of death, within the meaning of subdivision 4s of section 220 of the Transfer Tax Law, then the tax should be assessed at the rate prescribed by the statute in existence at the time the gift was made, and not at the rate prescribed by the statute in existence at the time of decedent’s death. The transfer tax statute in existence at the time the alleged gift was made imposed a tax; of one per cent, upon all property passing to the children of decedent, while the statute in existence at'the time of decedent’s death (Laws of 1910, chap. 706) imposed a tax varying from one to five per cent., the rate depending upon the amount which the beneficiary received from the decedent. The appraiser found that the giving of these bonds by the decedent to his children constituted a gift intended to take effect in possession or enjoyment at or after the decedent’s death within the mean
Order affirmed.