In the Matter of the Appraisal for Taxation of the Property of Henry Bronson, Deceased

Summary

The New York Court of Appeals held that under the Transfer Tax Act, bonds of domestic corporations owned by a non‑resident decedent are exempt from the transfer tax, while shares of stock in those corporations are taxable. The court reversed the Appellate Division’s reversal of the surrogate’s order on the bonds and affirmed the surrogate’s assessment on the stocks, and remanded for further proceedings.