In the Matter of the Appraisal, Under the Legacy and Inheritance Tax Act, of the Property of Frank Linsly James…

Summary

The Court held that legacies to collateral relatives of a non‑resident decedent, when paid from the decedent’s foreign estate, are not subject to New York’s succession tax, and that stock and bond certificates of foreign corporations, although physically present in New York, are not property located in the state for tax valuation purposes. The decision relied on the statutory language of the 1887 amendment and prior precedent, emphasizing avoidance of double taxation.