The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-07-22

TAX ON BANK SrocK.-The following opinion of
the Attorney General OF the State Of Pennsy
has been given IN reply to certain queries recently
submitted to HIM
Thomas Bidde Co. desires the opinion Of the Attor-
pey General in the following case:-
list holder OF State stock recently deceased, has
by his will bequeathed his property rs foowsA life
interest in the whole Of II to his Wife after her death
gscies ts some friends (not relatively aud the residue
To Lis wife Tho State stock IL not mentioned In tho
will The property In England IL much moro than
sufficient TO pay the lcgsces VIII be admitted that
the stock forms part Of the residue and Is therefore,
exempt from tax!
I'D We presume, when stock stands in the joint
names Of two parties with benefit Of survivorshp aud
dies, that IL will be admitted the survivor has be-
come the sole without being subject to the pay
ni-nt Of the tax on any part"
The questions submitted arise from the Act of the
Legislature Of Pennsylvania approved 10th April lS+s,
which extends the laws lin relation 10 tax on collateral
ther State territory or country The last clause of
the 18th section Act 10th April, 1919, provides II
person persens having their dOmcis In another
state Territory or country sha die leaving real or
personal esaie within this common wealth. the said
estate, whether real personal shall be subject to
the psym OF tho collateral inheritance tax This
clause the 18th section If the Act 10th pr lsly
makes the estate real ard pcrsona Of persons non.
Residents OF rcnpsylyHps subject 10 the payment Of
the collateral inheritance tax In the same manner
and To the zane extent ~ though such person per-
residents Of the State at tho time OF their
death Then what estates Of citizens or residents OF
Penp'yvnnis weresublect 10 the tax previous 10 the
Act 81 1Uth April 15iy, Tho Act Of7th April, 1895,
Inheritance
prehensiye In Its terms
IAN estates real personal. and mixed Of every kind
Whatsoever, passing from any person who may die
tsxed or pos,.s.d ~ such estate being within this
Commonwealth either by will or under thu int-stats
lswr. any part Of such estate estates interest
Interests th.r,in transferred by deed grant bargain
sale mad. or intended to take effect in posse .iou
enjoy ment after the death Of the grantsr bar
gamer to any person or persons or TO bodies polite
corporate. in trust otherwise than to asd tor the
of father mother hustaBd. wife children sw4 ~
b,a defendants born In a~ful wedock sh.Ii be sub
j.ctto the tar. 80. The 18th section Act 10th ,pr
ls4y ext pds the exemption eases from Oh. operation
OF tn. collateral nbrritsnc. tax To the estate. resi
or p,onsl passing by wall to- or IN trust for the wife
or widow ~ son ~ any person dying seized or pos
seEs ed tberofn
think that the ~.rd. Of the Act 7th April 1929 an
swer the Sccbd question Ito Wit to the stock In
the iobt names ot~o parties ~ith benefit Of survivor
ship IN the negative The benefit Of survivorship
mentioned, 10 nothing mere than bargain made or
intended to take effect In pors.sion enjoyment az
ter th. death f the bsrgain.r p" In tenusyi vania
there Ia no soch thing suruyorsbp in real p-rso
nal estate and the such standing In the names f too
parties with b,n.nt 81 survivorship would he subject
20 the collateral inheritance tax TO the extent u
Interest of the one dec, seed
~ 60 the mt qu. stiou submitted In my opinion
the Liability ~ the stock b-questhed TO the wife
irg lie her death certsin i.ynces and this resi-
due 10 VIE, VIII depend the action II the
81 the Will The will lays nothing about the stoc
IL there " other estate sucent To- pay the egsoes
tn. stock would think be exempt rom the tar me
es'npuon In the las ia favur ~ ve L. made in regard
u the Rotation OF hu.bsbd aud wife aud that nc
count should receive q liberal construction During
tax ano utbe executors shes that th- iegacrs TO
ficbds int relati,es) b. paid out ~ other
ESTATES ~ their tetator ~ H. cera My part 81 the resi-
due htqus sthtd to wif aud exempt from the tar IL
uFR,ftso that the BAnk of Pennsylvania should be
Informed What papers 20 BE- required II them -
protection under act OF last session tct 10Th APRIL
Issg) q he 10Th s.ctiop ~ this act provides that
"Nbtpev,r any foreign executor or sdmipistrstor
sbs atignor transfer any stock leans Of this com
monwesitb. standing In The name decedsst or In
trett Tor dtcedebt Witch sbsu be liable to the cot
lateral ibh riisbce tax such tax sbs be PAID to the
hgtsr ~ tie proper county an the transfer thereof
otherwise the corporation permitting such transfer
slall b. iisbse Ia psy such fss y
he s,ctiop put 10 the bank or corporation permit
ting the tsnfer ~ the stock leps, the obligation
81 In wing that tn. tar H. paid The receipt ~ the
Eretcr h. III. best evidence that L. paid Nhsther
the stock ltsDs subject colla ersl inher
tspoe depebds a. N did before tn. passing IL the
Act 10th pr 1sis TIE fact whetber the heirs or
devisees or lcgatses are n nj collateral heirs rhs
bstk think may r.fuse to permit the transfer until
the Register ssth.d that the stock IL not subject
to the collateral inheritance tax. fths bank chooses
u permit The for.ign tUoutor or admin trstsr TO
transfer stock or leans standing In the name OF their
deed.nt without the ceipt Oi the Register as TO the
payr tpt ~ the such bark becomes liable to the
payment Thereof should the s,oos 80 Transferred be
found 30 b. subject TO the costefs inheritance
that Tho Regt.r receipt for the pay m-nt Of the
10 authority of itsslf to permit a ta.sfer that IL
clearly not The seeing 10 the pay mt of
vbsr 10 sttsches TO stock leans stasaing In name
os dsced.nt Il sp additional obligation put on the
tsnk BY the Act 81 lUth april lsss he papers svias
suibo,y to ex,cutors nc totrsusfsr must b.. proven
Visions - he f2o sectcp act isth April is4s can.
not zee sn, hing In the Act 18Th April lss2 wh,oh
shows ~ ~ the S's,e valves the right II, t.xaan on
Foreign holders u State loans for collateral hstanos