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  • Lorenzo v. Posadas Digest

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    ohmygodsun
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    1. Thomas Hanley died leaving a will that appointed a trustee and provided that his nephew would inherit his estate after 10 years. 2. The tax collector assessed an inheritance tax on the estate at the time of Hanley's death, which the trustee paid under protest. 3. The court held that the inheritance tax accrues at the time of death, based on the value of the estate then, not 10 years later when the nephew would inherit.

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    32. Lorenzo v. Posadas Digest

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    1. Thomas Hanley died leaving a will that appointed a trustee and provided that his nephew would inherit his estate after 10 years. 2. The tax collector assessed an inheritance tax on the estate at the time of Hanley's death, which the trustee paid under protest. 3. The court held that the inheritance tax accrues at the time of death, based on the value of the estate then, not 10 years later when the nephew would inherit.

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    Attribution Non-Commercial (BY-NC)
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    2K tayangan1 halaman

    Lorenzo v. Posadas Digest

    Diunggah oleh

    ohmygodsun
    1. Thomas Hanley died leaving a will that appointed a trustee and provided that his nephew would inherit his estate after 10 years. 2. The tax collector assessed an inheritance tax on the estate at the time of Hanley's death, which the trustee paid under protest. 3. The court held that the inheritance tax accrues at the time of death, based on the value of the estate then, not 10 years later when the nephew would inherit.

    Hak Cipta:

    Attribution Non-Commercial (BY-NC)
    Unduh sebagai DOC, PDF, TXT atau baca online dari Scribd
    Tandai sebagai konten tidak pantas
    dari 1

    Art. 777 Lorenzo v.

    Posadas Facts: Thomas Hanley died, leaving a will and considerable amount of real and personal properties. His will provided that 10 years after his death, his nephew Matthew Hanley would become owner of his properties. Plaintiff Lorenzo was appointed as trustee. During plaintiffs incumbency as trustee, the defendant Collector of Internal Revenue, alleging that the estate left by the deceased at the time of his death consisted of realty and personalty, assessed against the estate an inheritance tax. The defendant prayed that the trustee be ordered to pay the Government the inheritance tax together with the penalties for delinquency in paying such tax. The trustee, plaintiff Loada, paid under protest and however, he demanded that he be refunded for the amount paid. The defendant overruled plaintiffs protest and refused to refund the amount. Issues: 1. When does the inheritance accrue? 2. Should the inheritance be computed on the basis of the value of the estate at the time of the testators death or on its value 10 years later? Held: 1. The tax is upon transmission or the transfer or devolution of property of a decedent, made effective by his death. It is in reality an excise or privilege tax imposed on the right to succeed to, receive, or take property by or under a will or the intestacy law, or deed, grant, or gift to become operative at or after death. Thomas Hanley having died on May 27, 1922, the inheritance tax accrued as of the date. 2. Based of the value of the estate at the time of the testators death - If death is the generating source from which the power of the estate to impose inheritance taxes takes its being and if, upon the death of the decedent, succession takes place and the right of the estate to tax vests instantly, the tax should be measured by the value of the estate as it stood at the time of the decedent's death, regardless of any subsequent contingency value of any subsequent increase or decrease in value. A transmission by inheritance is taxable at the time of the predecessor's death, notwithstanding the postponement of the actual possession or enjoyment of the estate by the beneficiary, and the tax measured by the value of the property transmitted at that time regardless of its appreciation or depreciation.

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