.

I 

## YXmiArrrom GENERAL OF~TEXAS

A- 

## 11.

TrxM *- etoniAbl0 Ooor*

9. Ilhoppard acm#trolLU yf PUN10 Aooowto Auotin, To8ao

mu WI ,oplnlon to* a-6766 WI'(~) Io tho truofir oi avotia6 truot oortlfloato

a taxablotruol o tio8 w d* Ar t.

lip ., Ii.& 8, Ao t o 

### 47bh Log.,rd., lQ4l (Q) Io t~~Cra8of.r oi o-book oorbifLoatoo thuofor to 08d from truotooo
a -No tranoaotlo8 wdu tho above oltod Aott

Your kttor of JlirJ 16, 1041, oubito for our opihm t@ alaovo 1~ 

### qulrloo a8d 18 oozmoeblaithoroml~h you attbh a bttor tra Mr. 0. t* Botia60, Attomq'oi Dallao,Turro,anda 00~ oftho 

### ~loularv8My MO* l 6 roo w8t a8 d~0tl8 g t ror t oor tl fl o a t o iaOlvod0 Wo oopy irom l al d laotmoatlowd lottrr a0 tollawo8
nYoudl180totbloVotl~ Buot mro 0irtaU oharroof Bopub110 ~tional.Lifo IWw880. tim dopooltid-dthtruo$o.o88Wd 18 th0 agraont, gurfl8g l uoh tmotooo tho right to yoto ouoh otook. Agalnot l ald 

### #to&, autlfloatoo 

### aro ~oouodpovldly for l igh* (80) ualtr *r 080 (1) l haro o f 

### topubllo Ptl o dl

uf o at ook.

Tholbpulwo.lLtlonal Llfa InnyrJloo OaPprpr'o

otookha0 a par nluo of Ta Dollar0 (ho@) p0roha~~oo.thif~ 

### l lghty (80) wita in *o Voti8gTrust would roproooat 980 oharo of atook.

"Plow. i@vloono houUbloloXV of&uoo 6lll lOb.6 l fY.etotho trawfw of thooo

### war*

*To break dam tho ~uootloifurthor-would it not te proper to pqrtho$p w tlm prmluo eihe,kto&rapreoented~tb u&o l~'Wt tlm unit0 appur to bo 08ly a r0oolptt I

"I will bo 6Ld 

# to

have yoi advloo aw~fulaor lf tho ta8 10 thuo 

### l pplloatrlo

totwofor at otook 

### VOtl8g fruot OorMfl~ttiu raprroortlry otook mado ouholdr the dtato of ‘pmr, although tha tronoirh ot tho wlto uo mu30 08thobooko oftho truot~odthi8~,8tati o f T o8@,

That loto l

ay,am tm8obvo wdo v 8o8eooldrto to 808-ro81dO8t8 oubjoot to thr tranofor tax?" 

### without eIO&$dB6bZWlr, u~oonr~,'t~+~L~trurtagrr~o~ a& the rotly tnwt oortifioato attaohod fo udrforrod to 18 tho abovo&8.Oeorg0 t.6hoppard - M 2 (O-6766)

latter,bat moroly roforrlng to lmo ao tho baa10 of thlo opbnlon,l viffloo 

### t0 l q t h a t tl h r WtdBc; bUOtthOZ'0~ O~*tUtd Udfb OO~~fiO&OO ~0OU.d therounder

lro an aooordtiowiththe ordiiry dofititio8:+,aqaptatiO8of thooo toma* Tha followly gonoral dofidtlo8 of a %otiq truot@ 

### lo quabid from16 AmmrlornJuriqrudoaoo,66Q8

% mtru tru8t P*JI br WBphO8OlYO4 doflzwd a0 a 

### tmot oroatodv u yreomod btWO8 a ou of UO rhookholdorr of a oo 4 a group of l&Poal agroaato btwon iadlrl us1 otookholdorr a8d a 0-08 T ration ad tho truotoo or 

### trwtoo, wlwro~ it lo proddad 

### that for a bm of y0ar0, or for a prlod ao* bin6Oti 

### u p 08

aOO F ba i8

OYO #lt , O r W tilti l

@ OOO I~t

iI tomlmtod, OOSbro3. 

### ovwr tho r%o& owned w nroh ~~oolrboldorr, l lbhor for 

### aorbal8 purpoooo or for all, ahall

### bo lod6od 18 

### tpU tn\rtoo, olthor with orwlthout a roromtla tu 

### tbo ownom, or porroao 

### dorlgaatod Iprthm, of tho powor 

### to dlroah how ruoh aontrelr&l1 k turd* &da 

### ouoh a6rommC tltlo to tho rtook ltorlf ururlly,

thou& 8ot alwayr, 18 ~rm8forrOdto tho doporlQay upom tnut for tha purporoo ,~OlflOdr”



### kQ11y hju 58O%wb vublag trwb agroaon% aad votlq truot 

### oorMfloabo lowed %hor~undrr, ~0 lid thr four followly brmrroblorr 

### or oltrur tlom, tho tuabltlty of aoh wo mud dotomlno hOa ’O18,



### (1) ZIUtrrrrfw or ourrudor 

### W tha rubmrlkr to t 

### h8 votly 

### tNti r6ZWm.b Of @OUtifiQtQ hid byt~'8Wp#'.IWti@ rhUO& Of itOOk ia the topubllo mt1oma Lla ZarUmroO oaupuly, to rrld trurt0or 

### with the o~oomt that raid @took hall k ouoolbd aad 8OW otimk lrauod b$C& kpubllo lktloml Life Imouraoo Qolapupt o raldtirwtoor,with fula m to rote raid rtokar tb rrld trurtoor or tb mrjorl$@ of thoa mq do

### l &lrabloro
(8) Tb ll#m800 by aad dolirrrJr to rrld 8u~orilk~ to the bwt, by +ho dodw%od buH~oor, of tho dororlbod bturtoooorblt~oatrr, %otti86 

### forbh that oroh l ubmrlbor 

### kr truofwrod to raid irur$oo om rhuo of ato& of tho Ikprblio 

### Llfb DMUWOO 6m for 

### l aoh 

### d&h* wlto of tho trurtooo’ qrooQo8t."

(6) Tho ;alo, a6m&t to roll,dollwry o? Wuwfor of tho 

### trurtoor oorbiflo&+ol or roM86 

### hurt oortlflo~too, 80& atwo dororlbd, from ow 

### holdor to 

### mothor*

(4) The dolivor) .or ro4ollvorJl at tb 

### tmnixirtlor of 

### tho

.. tmot by raid 

### votlq Wurhor, or tar& m~ooo#~ora La bw9, Co *ho anon ad 

### holdorr of tho 

### beaoflolal 18boroti, a@roporatod by rot186 truot OUtifiNtO8 08 tb b&O OfthO tFUOtOO0, Of tb rbr8W O? OOX'tifiOdOO of @took of un mDpuloL0 

### Irt1oluz Utr muram@ OcBgla~r
WdOr flrir h&d ~iilOi#O# 6oVOm1BJUpFO80 tNd0, 608OtUb ly, ad udrr thr d0010108# ##001~10~4 loVO~Yln( YOtir& tm,tr,m thlrk lb my bo rtatod that wdu tho 

### firrt trawmtlom or 

### rlturtloa dororlkd abovo, only tho m&d lr@l tit10 to t4o~arror or oortlfbdor parood to 

### th d.ol@atod trurtQO0 

### uador thlr *oti86 + ‘tUt rq?OW&, t 

### h. qultabio

### HOXI. aO0. H. 8hOpprd - fig0 5 (04766)

tit18tud lmnefiolal imtoro& ud ouneVohip of ouoh ohm8 

### of wrtlfioatoo ranmlting

with tho oukoriboro to the tnmt agromont andthe truoferoro Of **NOh** 

### OttoOk.

The **Yotl8g** truot OeHAfloate or tru”tee8’ oortlfloato loouodoad dellarod under 

### the oeoond dtuatloaor trawaotloa me8tlonod#boos, war merely tidontlaty 

### of tIm roopmtltn 18tueoC rhloh the put108 to the trurt agnwaat had l8 bd to fb #to& of th0 C0m~~ that lo to 

### l ay, 

### tlyl legal tltloraulwd dfh Un truotooo but 

### t h o kn ef l o l e l

or l quitablo 

### titleroaslnod dth the ouboorlbro 

### or their $rwforoom, with tha right to 

### rooolw dhldrdo Ln aooordoaoo with 

### ruoh l~teroato~ lQh0 third 

### trmOwtlo8 or oituatloa, oo&omplrting

### a traarforapr ralo, &if% 

### or othenioo of tho votbg truot 

### outlfloater or truoteeo~

oer- +~lflocboo frcdn

old holdor 

### or war to m&her, 0801g8rblo upor h;M booko and 

### reoordo of *ho truntero, nrulto 

### in a traroforof the 

### l qultrble

tit18 or knof%oial rl&tr ad 

### umorohlp of ruoh rhuwr or ooH~U’loai~oo of tho t,publlo ~tlooal IAfo 

### PouranooQompupr,nproooated w ouoh truotooo 1 oor%lfloatoo; tit 

### 806 +maafw ai tho legal tltlo t9 ouoh 

### ohano oooura thore’by,

boauoo 

### 8mo rem188 with the 

### wbl8g trwteoa.
Tho 

### fourbh tbrurOarblo8 or rltuatlao

lo 

### fb ooa~or@o

of the flrrt, 

### l 8 d l f'frato th trmafor of bho logrl~l~lo 

### te tho 

### oharoo oroorblfloatoo 02 tho RopubllolWlo8al Llfr mourmoo Omnpaqrbdc into the holdoroof tho 

### lmrflold lxbo~8t, 

### or their r8olg8oo8 

### or tru18hr888, thorew rrot

### 186 ;:I thw b&h th0 

### 10&J R8 d %O l qUitdO tiblO*
ador thlo u&y& of the 

### pomlblo tunblo tmnmotloao 

### wdu th0 obtod @tOok %XUlfOr 

### &O$, Wl81n6 &WthO YOtb6 t r U Ot l & O QQ t boforo UN, wo ooroludr tht the flrrb, third ud fou~h~~of~Ouo& tirnrao

### tlcm or truroforo aro nabjo& to tho 

### l xolro rbap tu ltiod therog, tmt tho rooond trunoaotla lo 

### not tuablo thoroundor.

ThiO 00801U8108 1; grouadod Up08 *ho 

### l X~OO lo?ayQo of 0OOt108 1 of tho HoaL Trmofor Aot, whloh qpoar8 drrlsned 60 roaoh jurb 

### l uoh a rltnrrbloa

a8 thlra Wo quob, rrPdrrllnlng the porbi80at porblonot

%arr lo horoby &pored a8d lerloda tu a8 

### hard&tar provldod oa 

### all raloo,a&rommtI to 0011,

### or moawasda of oaloo,ad all dellvwnrioo 

### or truwfero of rhuor. 

### or oorblfloato8 of atrook. 

### or oortiftoatorfor rlr&to 

### to ntock, or orrblfiortor of domelt rwr0108be u 18toromt 18 or rip ro"wt1~ 8orblflorto0 amdO tW%. UW

or forrim 

### r8oooiatio~ -pay, or oo&tlo8. 

### or artlfloator of & thlJI Iootloq 

### 18 rrly dmootl

t08'08t i& Uqr ~Oi888O-Q8bWtOd bytZ'UitO0 QT kRLOtOO8

ati0 &tar t& 

### l f?ootlvw 

### datahrrwf, wbathorwdo up08 or rhow8 

### bybho book8 of the a88ool~tlO8,

oo;mpupl,

00rpO8'&‘iO~,

Or tl'U8t00,

OC 'Ip, av a8Oi@!QO8t 18 bla& or 4 q 

### dellvorJr of ay prporr or ogrowmt ot aomorudw or Otbrr nld0800 

### of l ale 

### or trurfu or order for or agroaumt to bw, 

### whothr lntemedlato or flml. ad wh&hor iavootlaitho holder rib6 tho



### Vta ae 'lolal 

### 18torort la 

### or logal tit10 to ouohotodr oc 

### other carbiEtu ublo horoumdor, 

### or wlth *ho pooooomio8 

### or uoe th oroof for mythe futurepqment of nomy or &a futuretruafer of aq 08 eaoh 

### hundnd doll-8 of fao8 nlue or f~aot.108

. . .* (~dorlimla6 oun)

Thrt it m@ tt , O

l egi#l a tiYe

i8t .d t0tOXt r uOfU8

Of l h U OO
or oort1florteo

of @took toad w tru8toeo, 

### lneludlslg t~8iiOOOof u Oxpre80 votlq taunt, 10 furtherlndlatod by the faot that 18 oreatl86 orrtalnsop tiOn8 or exea@loaO fromthe abov0 quoted tax levy,u uoeptlo8 wao oonforr~d up08 l traaOferO

of oO~~l~e8 f r cm l fiduolary or frown

o8e 8dnee of auoh fiduoiaq to another,propidod the OOm oontl8ue to be held by l uob naulwo for t& ame purporofor vhiohthq would be held If re+alaodtgr l uoh iiduolaq.* Iq Oon~Oti08 withthin OrpreOo exOeptiOnimlting flduolarlrr or trWte80,. it ia oi@floant to nob that no exanptio8 10 oroaixd

with refersnoo

to trnuPer8 of sto& or rtoak oortifloate1 to 

### or tgl

auohtru8feOO or flduolarirr, but ruoh exQptlo8 oomro only tranoforo to tholr **nomiaecm**
lb thoroforr

mubnltthat a fmble framaatlon 

### or wortuality ir oreated wder l&a 8took Trmafer Aot v eithera “#ale,apeomet to 

### l en, dellvery

or tnnofer upo8the bob ad m oor do , of l har em or~oWAfloatoo o f atook.

### or oert1floatoo for'rkhtr to stock.or oerblfloateo of dewoalt r~maeat6upportlry

our 0088~rUO~i~ Of the tub of the #tafutO, m fi8d the parauaOiv0

authorltloo

of 6h ootir of lart rororli of the 6tatO of I& York **ooartruiag** %ho 6tookTrmofor Aot of that Btate 

### (from rhlohro underotaad the T0n8 Ifot

to k adopbod)

ud oerbal8deOl8lon8 of %ho lMmmdl~to Fedoml oourt~, lavolriag

a8 Aot Of @8~?008 OUbOtQtilaly

### OiBIilU i8 thi8 re(Udo It ho boe8 otatidthat a 

### mphraoo, provloio8 or rtatuk adoptedfrcm the laws of another 

### data or oouatry

will 

### ordimri4 be 61-r the @me oo80truotlo8 

### la Toxaothat lt had noolvmd 18 the $ariodiotilo8 frclD whloh 

### it m8 borromd~ If lt had boo8 61~08 

### a f&d old doflalto meti 4 th0 oourtroftit 

### jrulodlotlon, it muld bo 61-8 thr OW meal86 18 Texaoo ThiO l”dO ?eOtO Up08 the ~OURQt108 that th txO&iOlaturr no anaro 

### of the judloial lnferprmtatlmglvr la th0 

### jurlrdlotlo8 fran tiloh ths @tatut# ‘1118 t&a, Wd that 18 adopt186 ouoh OtatutO, it lntaded al00 to aooopt ouoh oonOtruotlon.n SO Tax. Jura 2Q4-886. Thormfon,'re

### hold that the 

### firot traaraotloa

mentloaed



### above lo tuablo rondrr

tho A&, booau80 it lnrolvod a truafer of the lo6al

### tltlo ta ihwoo or 

### 6orblfloatoo of Took of the R~publlol&tlo8al Ldfo Ymw~ao~ aQpaay to tb tX'u"t000



### aumd 18 the YOtly tX’Wt YXUmt, oYo8.thoU5h the qtitabl0 title or karfioi~ itiO?oWb raai8Od 

### with the **OUk~k~ Or**  tX%8do?ori~ WllllomF. 

### Eonbright & 00. Y. 6t8t0,161 ?LY. hp. SIB OliffoQorp.Y. Bltod hteo, 106 Fed. (8d) 77a I
V&i tho mw baa10 of roa8oaln(;, m 

### holdthat the fourth traaraotlom

dooorlkd abme iIWO1VO8 a twcablo%mOfO?, belag menly the WII

### vu88 oftho 

### flrot **rituation.~~~ Ohioago**  

### Wart **Ilorfom Ibr** * **00. Y.**  Otate,16Q 8. Y. 6. 467, afflmod, 166 & 6, Q60*Hon. (560. & Shepprd - Rage 5 (O-3765)

!I?158 interpretation,

upon substantially identioalstatutes, appears from the adm5nirtrat5ve ruling and regulations of the IL So TreasuryDeprtment and of the states of Maassaohusetta and New York, holdingthe transferof sharesor oertlficates of rtookto and framvoting trustees to be taxable., see, iafra*

Rb hold the third trnnraotion named atwe to involvea taxabletranafar, even thoughthe legal title to the steak does not pass by the transferof the voting trust oertifioate but remains

with the trwtees, The statuteolearly intendsto make taxable the transferof the mere beneficial interestor equitable title to stook, uvidenoed by a voting trust oert5?icateoThis oonstruction is supported

by oertain

deaisions

and by the rules and regulatiana of the taxing authorities

abovementioned.

holdingthe tnnofer of voting trust oertifioatas to be tuublo. UnitedStat& v. Baker, 115 Fed. (2d) 129gJU-t. 15 (7), (14) of Information

Relatinrto the Stook Transfer TPX Law. (NewYork);Regulations 71 U. S. Treas.Dept.,-kt. 34(b) and (o)~ .- - 0

Booause suchvoting trust oertifioateo are desigaed

to merely avidenoe the beneficial

or equitable

interests

of the holdersof such oertifioatea in the actual shar%s of certificates of stock of the Republio National

LWe Ynsuranoe Company,

the tax 

### l

ooruingupon the ttinsferthereof will be computed

on the basis of the ppr v:nlue

of such stook,to the extent that smne is represented by the unite ooveradby said vutingtrust oertificateso

The fourth transaction involvedin the instantfacts,that is, the irsuanos

and deliveryof the voting tursteesof voting trust oertifioates, io not a taxabletransfer beoausename ir tantamount to an originallcrsue of ntook,ddoh haa been held not to be wbjeot to this tax measure,Ipr our Opinion

No. D-3594,direoted to you* Ry the issuanoe of suob oertifloatoa by tha voting trus+ees, ao transferof the legal or equitaue titleto ahareaor oortifioatea

of rtook or interests thereinoooura,

but suoh rertlfioaterare merely ev5deatiary of the righta ore&ad Iy the voting trust 

### l graamntt. Annwring your last question, you ara adoiaedthat the three tramaotlonoortraaafers held to be taxable herein,

will be govamod by the prinoipleoannounoad

in our opinionNDo O-3713direotedto you0 Tran8fen by nonrerldento

to non-resident8

of stook oertifiaater or voting truet oortifioates will be taxableif aa, one of the four taxable tranaaotlono

or evnntonomad in the otatuter

and in raid opinionooour8or transpires in the State of Texas. Idora opoolfloally,

if the 

### trawler6 of the unit8 raprerated bthe voting truot oertifloatao 56suedin the inatwt oaoe are reoordrd upon the book8 and reoordrnocrdo required to bo kept @' the ro%incg trurtaea

within the State of Texar,under the exprorrtemr of the votiag trurt 

### l gnmnant, or lf the tran~- for of tha a,haror

or oerf5fioateo

of atook of the Hepublio National L5fe Inouranoo

Canpenyby or to saidvutingtrurtees, ir made up08 tha transfer bookr andanstrordo

of said oo&pemyin Torah,then, under our opinion I& O-3713,
a rtooktranrfertax aoouzw, even though the agreement or oontraotinvolving_

Eon. woe H. Shepprd - Rgo 6 @-3766)

tb al8 or trmsf8r of mob 8-8 or wtiag %rurt artifloatu, the a & ua l

le or kaa8fer of 8uoh 8-n tx oo1-llfioato8, ud tholr deliwrp, uoh and all drurp&rd iaitrukfr~

Trurtiagthe for8goiag ratirfkotorily

aalwr8 your 

### laquirio8, war8 Yourr-m~truly

By /I/ Pat b &if, Jr0
Pat k. hff, Jr.

**li8818t8d**
&PP?#VBD8Ep 4, Is41 **/8/** 

### Qrowr 60118XV ?lRsT M6I6TAm ATTc6BiBrQxBRAL

- . **m8Ih$8@I**