N.Y. TAX Law § 270-C — New York Code / Act TAX / Article 12 / Section 270-C
Transfers by operation of law; special exemptions
Status: in_force

§ 270-c. Transfers by operation of law; special exemptions. No\ntransaction taxable under sections two hundred seventy and two hundred\nseventy-a of this chapter shall be exempt because effected by operation\nof law. The tax imposed by sections two hundred seventy and two hundred\nseventy-a of this chapter shall not be imposed upon any delivery or\ntransfer:\n  1. From a decedent to his executor or administrator;\n  2. From a minor to his guardian or from a guardian to his ward upon\nattaining majority;\n  § 3. From an incompetent to his committee or similar legal\nrepresentative, or from a committee or similar legal representative to a\nformer incompetent upon removal of disability;\n  4. From a conservatee to his conservator, or from a conservator to a\nformer conservatee upon cessation of the conservatorship.\n  5. From a bank, trust company, financial institution, insurance\ncompany, or other similar entity, or nominee, custodian, or trustee\ntherefor, to a public officer or commission, or person designated by\nsuch officer or commission or by a court, in the taking over of its\nassets, in whole or in part, under state or federal law regulating or\nsupervising such institutions, nor upon redelivery or retransfer by any\nsuch transferee or successor thereto;\n  6. From a bankrupt or person in receivership due to insolvency to the\ntrustee in bankruptcy or receiver, from such receiver to such trustee or\nfrom such trustee to such receiver, nor upon redelivery or retransfer by\nany such transferee or successor thereto;\n  7. From a transferee under paragraphs one to six, inclusive, to his\nsuccessor acting in the same capacity, or from one such successor to\nanother;\n  8. From a foreign country or national thereof to the United States or\nany agency thereof, or to the government of any foreign country directed\npursuant to the authority vested in the president of the United States\nby section five (b) of the trading with the enemy act (40 Stat. 415), as\namended by the first war powers act (55 Stat. 838);\n  9. From trustees to surviving, substitute, succeeding or additional\ntrustees of the same trust;\n  10. Upon the death of a joint tenant or tenant by the entirety, to the\nsurvivor or survivors.\n  11. Made in obedience to an order of the Federal Securities and\nExchange Commission which has become or becomes final in accordance with\nlaw, provided that such order recites that the delivery or transfer is\nnecessary or appropriate to effectuate the provisions of section eleven\n(b) of the Public Utility Holding Company Act of Nineteen Hundred\nThirty-five and specifies and itemizes the securities which are ordered\nto be delivered or transferred;\n  12. Made to effectuate any plan of reorganization or adjustment (1)\nconfirmed under the act entitled "An act to establish a uniform system\nof bankruptcy throughout the United States," approved July first,\neighteen hundred ninety-eight, as amended, (2) approved in an equity\nreceivership proceeding in court involving a corporation, or (3) under\nsections one hundred nineteen to one hundred twenty-three of the real\nproperty law or article nine of the stock corporation law.\n  13. Made to effectuate any plan of reorganization or adjustment\nrequired by a decree of the court under the anti-trust laws of the\nUnited States or any territory thereof, or of any state or the District\nof Columbia.\n  14. Of the capital stock of no more than one corporation organized\nunder or subject to either articles three or seven of the banking law,\ndelivered or transferred, as provided in section one hundred\nforty-three-a of the banking law, in exchange for shares or other\nsecurities of a company substantially all of the assets of which will\nconsist of said capital stock immediately after such exchange.\n  The tax commission may require that each such delivery or transfer be\naccompanied by a certificate setting forth the facts.\n