In the Matter of the Appraisal, Under the Transfer Tax Act, of the Estate of George Jones, Deceased. the Comptroller…

Summary

The Court held that shares of a joint stock association are personal property and therefore subject to the transfer tax, that a deceased shareholder's interest in such shares is likewise taxable, and that an appraisal may consider the underlying real estate to determine share value. The appellate division's order was reversed and the surrogate's order affirmed.