In the Matter of the Appraisal, Under the Transfer Tax Act, of the Estate of Cornelius Vanderbilt, Deceased. the…

Summary

The New York Court of Appeals held that the 1899 amendment to the Transfer Tax Act imposes a transfer tax on contingent remainders in a trust, payable forthwith out of the property transferred, and remanded the case for assessment of that tax. Justice 040dissent dissented, arguing the tax is an unconstitutional double tax on property, while Justice 030concurrence concurred in reversal, contending the tax is a valid transfer tax and not a property tax.