Papers on Appeal from an Order of the Appellate Division, Second Department, Affirming an Order of the Supreme Court, Denying Appellant's Motion to Vacate a Warrant

Papers on Appeal from an Order of the Appellate Division, Second Department, Affirming an Order of the Supreme Court, Denying Appellant's Motion to Vacate a Warrant

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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. 1911 edition. Excerpt: ... present appeal, held that section 230 of the Transfer Tax Act, as amended by chapter 76 of the laws of 1899, did not repeal subdivision 5 (now subdivision (i) of section 220 of the Transfer Tax Act as amended by chapter 284 of the laws of 1897. Willard Bartlett, J., writing the opinion, employed the following language: "The phraseology of this amendment of 1899 is not such as necessarily to embrace a case like the present, where a testamentary power of appointment is bestowed upon the life beneficiary of a trust. While here Leavitt Howe and Edward Howe may be regarded as the original transferees of the shares devised and bequeathed in trust for their benefit, it cannot fairly be said that their rights, interests or estates are dependent upon contingencies or conditions whereby thev mav be whollv or in part created, defeated, extended or abridged. Their right, interest and estate in the share or money set apart in trust for each in absolute, and not dependent upon any contingency or condition whatever. They are entitled under the will to the proceeds of the fund left in trust for them during the whole of their natural lives. It would seem, therefore, that their estates do not fall within the scope of the amendment, and it may well he doubted whether the amendment wax intended to apply at all to cases where a life estate is coupled with a testamentary power of appointment to be exercised at its conclusion." And again on page 290, the learned.Justice add ed "We thus have in contemplation of law an act of the Legislature containing specific directions as to the taxation of estates in regard to which a power of appointment is conferred upon the original transferee; and 1 do not see how it can well be held that a subsequent...show more

Product details

  • Paperback | 224 pages
  • 189 x 246 x 12mm | 408g
  • Rarebooksclub.com
  • United States
  • English
  • Abridged
  • abridged edition
  • black & white illustrations
  • 1236968972
  • 9781236968975