The Bridgeport evening farmer., 1912-03-02

2
 owned by nonresident decedent were taxable. Again the Court of Err | TOTS and Appeals came to the rescue. | GIG Atlantic Reporter), and reversed 1 the Supreme Court, not because the 1 legislature did not have the power to ] impose such a tax, but because the l title of the statute did not express l its object. 1t is reasonable to believe l that the N. T. legislature will soon again buttress Up the statute, and that the Court of Errors and Appeals can not much longer ward off the inevi- l table. An acquaintance with the in
 heritance tax laws Of New Jersey is { of the greatest importance on account 1 of the great number of corporations organized under it's laws, and it is the duty of lawyers to be alive to the sit
 uation.
 T desire to call to your attention the ridiculous provisions of the Oklaho- ma statute. There is a progressive l feature in that State which confiscates all over a certain amount, in certain cases this amount being as low as l $96, ,500.0e Under a literal construc- l tion of the Oklahoma statute, the tax l rate continues te increase even after , 100 Fer cent. is reached. Undef this
 remarkable statute a Boston compiler has shown what would happen in case
 a New York resident should show his appreciation of his best friend by ! naming. him his executor, and leaving him in addition a handsome legacy of two million dollars stock in an Okla homa corporation The executor sends along the stock for transfer, and finds that the Oklahoma tax amounts to $1,- 952, 100000. He now has $48, ,000.00 left, and faces the interesting situation that $41S, ,74500 is still due to the State
 of New York. and that the executor is personally responsible for the pay ment of the entire sum. Could any thing be more absurd?
 ''In New York State the last legis-
 lature partially remedled an almost un- endurable condition. Bonds of all | kinds and stocks of New York corpo- rations, owned by a nonresident and only kept ;n 9 New York safe deD|os- l it vault, were taxed i,. some ins,en- ces as high as 9 per cent. Governor Dix sent special message to the last
 New York legislature that the effect of this law was 1-1ch that carloads Of securities were being moved almost daily out Of New York and sent into Pennsyi> ania and Rhode Island. It | is fortunate for the State of New York that it's last legislature correct ed in part this extraordinary abuse Of power.
 'Ir our own State of Connecticut there is much to be desired in our in heritapce tax laws, although they are
 fairer than those of many of the oth- CT states. With us, too, each session
 Of the legislature brings its changes, and the statute of 1911 is so loosely drawn as to warrant 1he conclusion that it did not receive proper consid- eration. While the exempt class has
 been increased by adding brothers and sisters of the deceased, ct als.,, the
 husband and wife of the deseased are | ~f rnY1f class. In number Of respects the statute of 1911 is incomplete and ob- scure, and the Attorney General has been frequently called upon to inter pret for the guidance of the many Probate Judges in the State.
 Immediately upon receipt of the
 printed session laws, I called up a
 quire what was intended by the new inheritance tax statute. He stated that unfortunately the matter had been turned over to the finance com
 mittee and with dire results.
 "I!nder the interpretat tion of the At
 torney General the words husband and wife have been read into the statute
 as members of the exempt class. He also opines that the new statute does not apply to estates in process of set clement at the time he law took effect
 on September 15, 1911. and that the
 
 effect previous to 1909 were not re-en-
 acted by the statute of 1911.
 These interpretations by the Attor- new General will doubtless constitute rules of guidance for the various Pro- bate Courts until the legisla ture of 1913 assemblies, or until the Judges of the higher Courts, some of whom are ! with us tonight, shall wrestle with the elusive question of legislative in- tent
 "In conclusion, let me say that it is the duty of lawyers to attempt to fa-
 miliarize themselves with this impor- tant subject. In the making of wills, which is often an occasion for a dis cussion of the existing affairs of the testator, it is the duty of the lawyer to be able to point out the double and
 even triple taxation that will fasten on the succession after his demise. My experience is that this information is often quite a revela ton even to men of large means, and that it will tend to bind more closely the bond of at torney and client. In many eases 1t
 will let in light as to the desira bility of sale Of securities of. corporations or
 ganized in States having laws like Ok lahoma, and in reinvesting in Securi- ties of the home state.
 'tIt is unfortunately true that the
 banker and the broker are usurping
 the place of the lawyer along lines
 that pertain strictly to legal work.
 While the lawyer is better adapted by
 training to keep in touch with the
 statutory enactments of the various
 States, yet in the matter of inheri-
 tance taxes he seems to be giving way
 and the banker and broker seem to be
 taking his place. It is, therefore,
 very desirable that the lawyer should
 keep in close touch with this impor- tant subject, so that his advice shall be as readily sought thereon as upon
 any other branch Of the law.''