The Bulletin of the National Tax Association Volume 5

The Bulletin of the National Tax Association Volume 5

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ... manner, would yield a tax of $900, the excess over the exemption of $5,000 to each beneficiary amounting to $90,000 being taxable at 1 per centum (1%). Or if by reason of the greater value of the content of the unit of taxation occasioned by larger investments in property having situs within the taxing state, the necessarily glancing blow inflicted upon successions to such property within the jurisdiction independent of the domicile of the decedent, should not result in exemption as in the case first instanced above; the result in tax will be propor tionately less than in the case of the succession where domicile and property coin cide. That is to say, if the value of the property of a non-resident decedent within the jurisdiction, is assumed to be $50,000 passing in like circumstances, the tax thereupon should be only $400, whereas the tax upon a like succession to twice that amount in case of the resident decedent would be as stated $900, or $100 more than twice the amount of tax upon half the value of the non-resident succession. Furthermore, the unit of taxation in the case of the non-resident decedent composed, as it is apt to be, of the fractional part of the property within the jurisdiction, will likely escape free from the incidence of the higher progressive rates to which the unit of taxation in the case of the resident decedent will be subjected. The sanctioned formula of the New Jersey statute, it is plain, in forcibly redressing the inequality of incidence of tax inherent in difference of domicile has produced an opposite inequality apt to favor her own residents at the expense of residents of other states. In destroying the inequalities above referred to by the establishment of the magic formula, the New Jersey taxing more

Product details

  • Paperback | 220 pages
  • 189 x 246 x 12mm | 399g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236574508
  • 9781236574503