Legal Opinion
In re the Estate of Probst
New York Surrogate's Court
Decided April 15, 1903PublishedCited by 1 opinion
Appeal from an order assessing and fixing the transfer tax.
1Opinion of the Court
Fitzgerald, S.
Partners may agree as between themselves 'that any contribution to the capital of the concern shall be regarded as a loan, but as to the rest of the world the transaction will nevertheless represent a contribution to capital. Thus, in the Matter of Reiser (19 Hun, 202, aff’d on opinion below, 81 N. Y. 629), it was held that where a firm is indebted to one of its partners and the firm becomes insolvent, such a debt can only be paid after all other creditors of the copartnership have been satisfied.
In the case at bar, therefore, an attachment might have been levied against all the…
2Cases cited3 opinions
- In Re the Appraisal for Taxation of the Estate of HoudayerNew York Court of Appeals · 1896
- In Re the Appraisal of the Estate of BlackstoneNew York Court of Appeals · 1902
- In re the Transfer Tax On the Estate of HornNew York Surrogate's Court · 1902
3Cited by1 opinion
- In re the Transfer Tax Upon the Estate of WillmerNew York Surrogate's Court · 1911