[DOWNLOAD] "In re Powell's Estate" by Supreme Court of Montana # Book PDF Kindle ePub Free

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eBook details

• Title: In re Powell's Estate
• Author : Supreme Court of Montana
• Release Date : January 01, 1940
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 60 KB

Description

Submitted January 23, 1940. Inheritance Taxes — When Only Executors or Administrators Personally Liable for Payment of Tax — Construction of Statute — Tax not One upon Property of Decedent — Each Legacy must Bear Own Part of Tax. Inheritance Taxes — Personal Liability of Executors and Administrators for Payment of Tax — Statute — Construction. 1. Held, that section 10400.5, Revised Codes, declaring that administrators, executors and trustees of estates shall be personally liable for inheritance taxes due from estates liable for such tax until its payment, is intended to mean personal liability only for the tax on property passing, or which should pass, through the hands of such officers, or at most property impressed with a tax lien, which they might seize and sell in the same manner as they may do for the payment of estate debts under section 10400.7. Same — Tax not One on Property of Decedents. 2. An inheritance tax is not a tax upon the property of decedents, but upon the privilege of acquiring property by inheritance. Same — Reason for Holding That Executors and Administrators not Personally Liable for Payment of Tax Under Certain Conditions. 3. The provisions of section 10400.7, Revised Codes, giving to executors and administrators power to sell property of estates to pay inheritance taxes, held to indicate strongly that the legislature contemplated that such officers should be liable personally only in those cases where it was reasonably possible for them, as an incident of their duties in their official capacity, to enforce the payment of the tax from the beneficiaries upon whose right to succeed to the property the tax is based. Same — Case at Bar. 4. Held, that where a decedent had entered into an annuity contract with an insurance company under which it was agreed that upon his death the sum of $1,000 should be paid to one of his nieces and $2,000 to another, neither of whom was an heir-at-law or entitled to share in the estate remaining, and the payments were so made, the administrator could not be held personally liable for the tax on such amounts, since he never came into possession of them and could not deduct the amount of the tax from the distributive shares of the heirs-at-law. Same — Each Specific Legacy must Bear Own Proportionate Part of Tax. 5. Under the inheritance tax statute, supra, each specific share, interest or legacy passing upon the death of a decedent must bear its proportionate part of the tax, and the share of one beneficiary cannot be used to pay the tax charged against that of another.

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