In the Matter of the Appraisement of Certain Legacies and the Assessment of Collateral Inheritance Taxes Thereon…

Summary

The New York Court of Appeals reversed the lower courts' assessment of collateral inheritance tax on legacies to several charitable institutions, holding that the tax applies only to property possessed by the decedent at death and that charities exempt by statute are not liable to the tax. The court also affirmed that interest accrued after death is not taxable and that the tax must be assessed promptly after death.