The People v. Metropolitan Trust Co.

As I understand it, the following language in the majority’s decision means that, as amended, sub-section 4 of section 1 remains an exception to section 25: “It will be noted that section 25 as it existed in 1935, required the imposition of a tax upon the transfer at the highest rate possible 'under the provisions of this act,’ and unless sub-section 4, providing that the exercise of the power shall be deemed a taxable transfer by the donee of the power, the same as though bequeathed by him by will, is to be considered no longer a part of the act, then, under the holding of the Linn and…