TAXATION-BONDS-INHERITANCE TAX

Authors

Abstract

Albert, Prince de Monaco, died possessed of bonds in two Utah railway corporations, which had been purchased and were payable at the New York office of the companies. He was a citizen and resident of France and the bonds had never been within the territorial confines of the state of Utah. The bonds were secured by a trust mortgage on all of the property of the respective corporations, only a fraction of which was within Utah. The state of Utah levied an inheritance tax on these bonds which was paid under protest, the present action being to recover back the tax so paid. Held, the bonds were not "property within the jurisdiction of the state" within the meaning of the Utah statute (COMP. LAWS, 1917, §3185 as amended by LAWS OF 1919, c. 64) and therefore the tax was improperly levied and might be recovered. McLaughlin et al. v. Cluff. (Utah, 1925) 240 Pac. 161.

Recommended Citation

TAXATION-BONDS-INHERITANCE TAX, 24 Mich. L. Rev. 595 (1926).
Available at: https://repository.law.umich.edu/mlr/vol24/iss6/8