(DOWNLOAD) "State Ex Rel. Anderson v. Fousek" by Supreme Court of Montana * eBook PDF Kindle ePub Free
eBook details
- Title: State Ex Rel. Anderson v. Fousek
- Author : Supreme Court of Montana
- Release Date : January 27, 1932
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
1. Taxation — Property held as joint tenancy or by entirety. Under statute relating to inheritance taxation of property held in joint names of two or more persons or as tenants by entirety, as to jointly owned property, the tax is on the fractional interest of a decedent, and the statutory phrase, excepting from the tax such part thereof as may be shown to have originally belonged to the survivor and never to have belonged to the decedent, has reference to such part of the decedents fractional share deemed by the statute to be bequeathed by will as may be shown to have originally belonged to the survivor, and never to have belonged to the decedent prior to the creation of the joint tenancy. 2. Taxation — Prior ownership in survivor must be shown. The statute imposing inheritance tax on property held in joint names of two or more persons or as tenants by entirety imposes the tax, even though the consideration at some previous time came as a gift from one spouse to the other, and such property is deemed to be bequeathed or devised within the statute which must be shown to have originally belonged to the survivor and never to have belonged to the decedent prior to the creation of the joint tenancy. 3. Taxation — Interest of decedent is taxable. Where wife did not contribute out of her personal funds to the purchase price of property which was taken in the joint names of the spouses and it was so taken to eliminate the probate procedure, creation of a joint tenancy gave each spouse an interest in the property and it was taxable under the terms of the statute, as if it had been the interest of a tenant in common, and the right transferred to the surviving husband after death of wife in the property was the fractional interest owned by the decedent or one-half of the value of the property, and was taxable as such. 4. Taxation — Effect of prior ownership. Where money deposited in bank in joint names of spouses belonged originally to the surviving husband and never belonged to the deceased wife, no inheritance tax was due thereon under the terms of the statute on transfer to the husband. 5. Taxation — Distinction in joint ownership statute valid. The distinction in the statute between property held in joint names of two or more persons and property deposited in the joint names in bank or other institutions is a valid distinction in view of general commercial understanding relating thereto. 6. Taxation — Property held in tenancy in common is taxable. Under the statute, property, real or personal, held by tenants in common is taxable under the general inheritance tax statutes whether the portion passing to the survivor was originally owned by him or not. 7. Taxation — One-half of the value of the notes should have been taxed. Where notes were held by spouses as joint tenants and never belonged to the survivor prior to their acquisition by the spouses, upon death of the wife, the court should have imposed an inheritance tax upon half the value of notes passing to the surviving husband Page 175 whether held by the spouses as joint tenants or as tenants in common. 8. Taxation — Valuation — Consideration paid may not be clear market value. Consideration paid for property is not determinative of its value for inheritance tax purposes which is imposed upon the clear market value of the property at the time of the death of the owner. 9. Taxation — Order determining inheritance tax set aside. Where apartment property was purchased by spouses for $28,500 in 1946 and one-half of its value for inheritance tax purposes was fixed at $9,000 in 1949, when the wife died, and the appraiser did not appraise the furniture which was not returned by the administrator, order determining inheritance tax on the estate of the wife would be set aside and remanded to the district court to determine the tax due under an amended inventory including the furniture in the apartment.
 "State Ex Rel. Anderson v. Fousek" by Supreme Court of Montana * eBook PDF Kindle ePub Free){kind=link}