In re the Appraisal for Taxation of the Remainder Interest in a Trust Fund Passing Under the Will of Dickey
Appellate Division of the Supreme Court of the State of New York
Appeal by the Comptroller of the State of New York from an order of the Surrogate’s Court of the county of Suffolk, entered in the office of said Surrogate’s Court on the 19th day of April, 1915, fixing the taxable value of the remainder interest in the Townsend trust fund of $350,000 at the sum of $166,600 to be taxed at $1,666.
1Opinion of the Court
Putnam, J.:
By the will of the late Mr. Dickey, who died in August, 1897, $350,000 was given to trustees for the benefit of his granddaughter, Sophie Witherspoon Townsend. Until she should be twenty-one, the trustees were to accumulate for her the unused income beyond that deemed necessary for her support. On reaching twenty-one, the trustees were to transfer to her all such accumulated balance. She was to have the income of this from the age of twenty-one up to twenty-five, and at the age of twenty-five she was to receive the principal. Miss Townsend has now reached the age of twenty-five and…
2Cases cited2 opinions
- In Re the Appraisal, Under the Transfer Tax Act, of the Estate of NaylorNew York Court of Appeals · 1907
- In re Fixing the Transfer Tax upon the Remainder Limited upon the Life of MasonAppellate Division of the Supreme Court of the State of New York · 1907