96 N.J.L. 324 | N.J. | 1921
The opinion of the court was delivered by
Harry S. Harkness, formerly a resident of the State of Hew York, owned at the time of his death, among other property, stock in several Hew Jersey corporations. These with stocks of either states were pledged as security for certain loans, stocks of both classes mingled together for each loan. They passed under Harkness’ will to his widow. The total amount of his personal estate wherever situate was appraised at $15,111,105.40. The total amount of debts other than mortgages on real estate was $5,322,758.72. The net personal estate was $9,788,346.68. The debts which were secured in part by the Hew Jersey stocks amounted to $3,958,-
Having thus ascertained the amount taxable, he had to ascertain the rate of taxation. The rule is prescribed by the statute. Camp. Stat., p. 5307, pl. 548. Tlie tax imposed on New Jersey property is to bear tlie same ratio to the entire tax which the estate .of the decedent would have been subject to under the act if the non-resident decedent had been a resident of this state, as such property located in this state bears to the entire estate of such non-resident wherever situated. Pursuant to the statute the comptroller ascertained that the tax on' the entire estate if all had been in New Jersey would have been $290,810.97. This, result was readied by taking $9,812,032.42 as the entire estate and deducting debts not secured by collateral and other deductible items, amounting in all io $1,351,248.40. After this deduction the- entire estate was $9,812,032.42. If this deduction had not been made the valuation would have exceeded the true value of the entire estate; the proportion of the equity in the New Jersey assets to the whole would have been diminished, amd when the figures came to he applied as the controlling factor in fixing the amount .of tax, that tax would have been less- than if the net