First Mechanics, C., Bank v. Thayer Martin

Edward T. Swetnam died March 10th, 1929. His executor duly filed with the transfer inheritance tax bureau its return for inheritance tax purposes; and thereon the commissioner computed and assessed the tax payable by the estate, and on March 10th, 1930, the executor paid to the state the amount of that tax so assessed.

Decedent at his death was contingently liable as accommodation endorser on two promissory notes, aggregating about $45,000. The executor, in its tax return aforesaid, made no claim for this amount or any part thereof, as a deductible debt under the Transfer Inheritance act; and…