[DOWNLOAD] "Smith v. Blaine County Et Al." by Supreme Court of Montana " Book PDF Kindle ePub Free
eBook details
- Title: Smith v. Blaine County Et Al.
- Author : Supreme Court of Montana
- Release Date : January 26, 1936
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
EQUITABLE CONVERSION — VENDOR AND PURCHASER — TAXATION — INHERITANCE TAX. 1. Equitable Conversion — Interest in vendor of real estate contract is personalty. Interest of vendor in contract to sell real estate is intangible property and is treated as personalty, and vendor holds title as security for the purchasers obligation to pay purchase price. 2. Taxation — Interest not subject to Montana inheritance tax. Where decedent had been resident of Montana and had moved to and resided in California until his death and during lifetime decedent had contracted to sell tracts of land situated in Montana and at time of death there had remained due unpaid balances, and decedent by will, had devised and bequeathed all of his property to widow, decedents interest in the contracts was intangible personal property and was not subject to inheritance taxes in view of reciprocal California and Montana statutes exempting intangible personal property of nonresidents. 3. Transfer Tax — Whether property real or personal at time of death is controlling. It is the character of the property at death of decedent that determines whether it is real or personal property and whether it is subject to a transfer tax. Page 438 4. Taxation. Taxation is the rule and exemption the exception.