New Jersey Equity Reports Volume 88

New Jersey Equity Reports Volume 88

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ...and should the tax be paid from the first year's income and the life tenant then die, she would have paid for an expectancy never realized, and for a transfer of property, if it can be so considered, that never had and never could take place. As the will is silent on the subject of the payment of taxes, and as there is no authority in the statute permitting the executor to make payment temporarily from principal and return the same to principal from income in gross or in annual installment, it follows that if payment cannot lawfully be made from corpus, and for lack of funds it cannot be-made from income, then thelexecutor becomes personally liable for the payment of the tax or the state must lose it. I am unable to adopt the view that the legislature ever intended such construction should be placed upon this provision of the act.. _ ' In the amendment to the New York law it is expressly provided that the tax shall be paid out of the property transferred. And-the courts of New York have held that under this direction the tax imposed on an estate for life should be paid from corpus and not from income, holding in effect, that the creation or enjoyment of a life estate does not amount to such a transfer of property that there is anything tangible therein from which the tax imposed thereon can be paid or collected. In' re Trary, 179 N. Y. 5()1; In re Vanderbilt, 17;? N. Y. 6!); In re Bass, 57' Misc. 531. All the difficulties pointed out can be avoided by placing a similar construction on the provisions of our act, and a decree will be advised that the order appealed from be reversed, and that the executor be directed to charge the payment of the tax against corpus and not against income. In regard to the appeal from the...
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Product details

  • Paperback | 224 pages
  • 189 x 246 x 12mm | 408g
  • United States
  • English
  • black & white illustrations
  • 1236889975
  • 9781236889973