Opinion ID: 2327517
Heading Depth: 1
Heading Rank: 2

Heading: Taxability of the Remainder of the 1935 and 1959 Trusts and the Whole Corpus of the 1954 Trust under Paragraph d(1)

Text: As we said earlier, the Bureau taxed the whole corpus of the 1954 trust solely on the basis of paragraph d(1), in addition to applying it as an extra foundation for taxing the remainders of the other two trusts. Paragraph d(1), it will be recalled, reads as follows: d. Where by transfer of a resident decedent of real or tangible personal property within this State or intangible property wherever situate, or by transfer of a nonresident decedent of real or tangible personal property within this State, a transferee, distributee or beneficiary comes into the possession or enjoyment therein of: (1) An estate in expectancy of any kind or character which is contingent or defeasible, transferred by an instrument taking effect on or after July fourth, one thousand nine hundred and nine;