ascertaining the range of the market and the average of prices are thus found, running through a reasonable period of time. § 2. This act shall take effect immediately.19 Comment. This section applies only under the circumstances therein specified. It does not apply to inactive stocks or securities which are not the subject of free and customary market dealings.20 A large but minority holding of unlisted stock should not be valued at the record figures of isolated sales of small blocks thereof in assessing an inheritance tax thereon. The value of a large block not conveying a controlling interest may be less for the purpose of sale than sporadic sales of small parcels.21 Dividends are not controlling evidence of value of stock.22 Real Estate. In assessing real estate for purposes of a transfer tax the best price that the devisee could obtain for it by diligent effort should control over mere expert opinion as to its value.23 Nonresidents. The stock of a nonresident testator in a consolidated railroad corporation which is composed of corporations organized under the laws of different States is one of fact, and to be ascertained for the purposes of the transfer tax so as to avoid.a double tax if possible.24 19 Part relating to estates of deceased persons repealed by § 130, Decedent Estate Law; see note 9, Appendix I, infra. The words there referred to as bracketed are ("or of any insolvent estate in the hands of a receiver, or of any assignee for the benefit of creditors, or of any corporation in the hands of a receiver or otherwise."). 20 Matter of Curtice, 111 App. Div. 230; Matter of Proctor, 41 Misc. 79, 81. 21 Matter of Curtice, III App. Div. 230, affd., 185, N. Y. 543. 22 Matter of Smith, 71 App. Div. 602. 23 Matter of Arnold, 114 App. Div. 244. 24 Matter of Cooley, 186 N. Y. 220; Matter of Thayer, 193 id. 430. ARTICLE 5 Laws Repealed; When to Take Effect Section 130. Laws repealed. 131. When to take effect. 130. Laws Repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed. § 131. When to take effect. This chapter shall take effect immediately. SCHEDULE OF LAWS REPEALED. Revised Statutes...... Part 2, chapter 6, title 1, §§ 1-5, 21, 22, 40-53, 69-71. Revised Statutes...... Part 2, chapter 6, title 4. S$ 55, 58. Revised Statutes... Revised Statutes.. Revised Statutes.... Part 2, chapter 6, title 5, §§ 1-6, 23. Revised Statutes...... Part 3. chapter 8, title 3, §§ 17, 18. 1 Inserted and expressly repealed by $ 93, chap. 240, Laws of 1909, in effect April 22, 1909. 1896.... 1897.. 547... 1902... 295........ I, pt. relating to estates of deceased persons. All.2 280-296. 9, pt. relating to executors, administrators and other trustees of estates of deceased persons. I, pt. amending L. 1897, ch. 417, $9, as to executors, administrators and other trustees of estates of deceased persons. 1903... .. 623. 623........ Pt. amending the proviso in L. 1848, 1904.. 1907. ..... 106..... ch. 319, § 6. All.2 I, pt. amending L. 1897, ch. 417, 9, as to executors, administrators and other trustees of estates of deceased persons. Code Civil Procedure, $$ 1843, 1859, 1868, 2611, 2628, 2633; 2634, to and including words "in his office"; § 2660, words "If a surviving husband" to "creditors of the husband"; §§ 2694; 2703, 2704, 2732; § 2733, except last two sentences; § 2734. 2 Amended and repealed by § 106, chap. 240, Laws of 1909. APPENDIX No. I. NOTES OF THE BOARD OF STATUTORY CONSOLIDATION ON THE DECEDENT ESTATE LAW CHAPTER 13, CONSOLIDATED LAWS (Enacted by Chapter 18, Laws of 1909.) [533] |