Monarch Life Insurance v. State Tax Commission

Memorandum.

The order of the Appellate Division should be affirmed, with costs. The recording of change, through New York transfer agents, of ownership of investment shares of stock held in other corporations, following the merger of two Massachusetts corporations, was subject to the stock transfer tax (Tax Law, § 270, subd. 1; 20 NYCRR 440.1 [b]). True, it was held in Electric Bond & Share Co. v. State of New York (249 App. Div. 371, 373, affd. 274 N. Y. 625) that a similar change in record title was not taxable because it occurred ‘ ‘ by operation of law”. Thereafter, however, section 270-c…