In re the Appraisal under the Transfer Tax Acts of the Property of Sutton

Silkman, S'.

The decree assessing tax in this matter must be modified in so- far as a tax is assessed upon the succession to the equity of redemption in the real estate. The ground upon which such tax was assessed is that such equity of redemption is personalty under the rule of equitable conversion and the succession thereto is, therefore, taxable. There is a clear equitable conversion by the terms of testator’s will.

Laws providing a system of taxation are to be construed as relating to facts, not legal fictions or equitable rules. Hoyt v. Commissioners of Taxes, 23 N. Y. 228; Matter of…