Newton v. Dailey

Miller, Justice:

The State Tax Commissioner appeals from an adverse judgment of the Circuit Court of Cabell County, which held that the entire amount of a joint debt should be deducted from the deceased’s property interest in determining the fair market value of jointly-owned real estate for inheritance tax purposes. We disagree and reverse.

George T. Newton died jointly owning several parcels of real estate with his wife with a right of survivorship. The property had an appraised fair market value of $156,500.00, excluding the joint indebtedness owed on the property, which amounted to…