Farmers' Loan & Trust Co. v. Bowers

KNOX, District Judge.

Upon a consideration of plaintiff’s motion for a rehearing with respect to the estate tax levied on such portion of the trust estate of William Waldorf Astor, deceased, as consisted of Liberty Bonds, I am inclined to adopt plaintiff’s argument that these bonds are exempt from taxation. Such result would seem to follow from an analysis of the exemption provision of the various war bond statutes, and the amendment of the Fourth Liberty Loan Act, as contained in the Victory Liberty Loan Act (40 Stat. 1309). Had it been intended that the estate and inheritance taxes on…