DocketNumber: Docket No. 32401.
Citation Numbers: 22 B.T.A. 71, 1931 BTA LEXIS 2175
Judges: Teammell
Filed Date: 2/5/1931
Status: Precedential
Modified Date: 1/12/2023
*2175 The decedent died on October 31, 1924, a citizen of Great Britain and a resident of Cuba. At the time of his death he was not engaged in business in the United States, but was possessed of certain intangible property, consisting of stock in a foreign corporation and bonds of foreign corporations, foreign governments, domestic corporations and of a domestic municipality, the paper evidences of which were located in New York City. Said securities were deposited in part with decedent's son and in part with Lawrence Turnure & Company, for the sole purpose of having the income collected and deposited to the credit of the decedent.
*71 This is a proceeding for the redetermination of a deficiency in estate tax in the amount*2176 of $24,865.88, asserted against the petitioners as executors of the estate of Ernest Augustus Brooks, who died on October 31, 1924. The issues are:
(1) Whethfr or not in determining the value of the net estate, which is the basis for computing the tax, the value of the following *72 property of the decedent, who was a nonresident alien not engaged in business in the United States at the time of his death, should be included in determining the value of that part of his gross estate which at the time of his death was situated in the United States, namely, (a) shares of stock in a foreign corporation, (b) bonds of foreign corporations, (c) bonds of foreign governments, (d) bonds of domestic corporations, and (e) bonds of a domestic municipality, the paper evidences of such securities being located within the United States at the time of the decedent's death; and
(2) Whether or not the amount of $14,517.98 deposited by or for the decedent with the firm of Lawrence Turnure & Company, New York, N.Y., constituted "moneys deposited with any person carrying on the banking business, by or for a nonresident decedent who was not engaged in business in the United States at the time*2177 of his death."
FINDINGS OF FACT.
The petitioners are the duly appointed and qualified executors of the estate of Ernest Augustus Brooks, deceased, with an office at 52 Broadway, New York, N.Y.
The decedent died on October 31, 1924, and at the time of his death was a citizen of the Kingdom of Great Britain, and a resident of the Republic of Cuba. At the time of his death, the decedent was not engaged in business in the United States.
At the time of his death, the decedent owned securities, which were in New York City, U.S.A., as follows:
(a) Bonds of foreign corporations and accrued interest thereon in the amount of | $24,384.97 |
(b) Bonds of foreign governments and accrued interest thereon in the amount of | 55,610.49 |
(c) Bonds of domestic corporations and accrued interest thereon in the amount of | 460,315.32 |
(d) Bonds of a domestic municipality and accrued interest thereon in the amount of | 15,073.57 |
(e) Stock in a foreign corporation in the amount of | 50,000.00 |
At the time of his death, the decedent also had cash on deposit with Lawrence Turnure & Company, New York City, in the amount of $14,517.98.
The bonds of foreign corporations and accrued interest*2178 thereon, aggregating a value of $24,384.97, were as follows:
(1) $20,000 Canadian National Ry. Co. 30-Yr. 4 1/2% Coupon Gold Bonds, due 1954 | $19,150.00 |
Accrued interest thereon | 114.36 |
(2) $5,000 Canada Southern Ry. Co. 1st Consolidated Mortgage Guar. 5% Bonds, due 1963 | 5,100.00 |
Accrued interest thereon | 20.61 |
Total | 24,384.97 |
*73 The bonds of foreign governments and accrued interest thereon, aggregating a value of $55,610.49, were as follows:
(3) $3,000 Dominican Republic Customs Adm. Sinking Fund 5% Coupon Bonds of 1958 | $3,030.00 |
Accrued interest thereon | 37.91 |
(4) $4,000 Kingdom of Belgium 26-Yr. External Sinking Fund 7 1/2% Coupon Bonds, due 1945 | 4,390.00 |
Accrued interest thereon | 124.59 |
(5) $3,000 Kingdom of Sweden 20-Yr. 6% External Coupon Bonds of 1939 | 3,131.25 |
Accrued interest thereon | 67.87 |
(6) $10,000 Kingdom of Norway 20-Yr. 6% External Coupon Bonds, due 1944 | 9,850.00 |
Accrued interest thereon | 148.37 |
(7) $7,000 Swiss Confederation 20-Yr. Sinking Fund 8% Bonds, due 1940 | 8,032.50 |
Accrued interest thereon | 185.66 |
(8) $5,000 French Government 20-Yr. External Sinking Fund 8% Bonds, due 1945 | 4,237.50 |
Accrued interest thereon | 50.83 |
(9) $7,000 Kingdom of Norway External Sinking Fund 8% Bonds, due 1940 | 7,866.25 |
Accrued interest thereon | 46.16 |
(10) $7,000 Kingdom of Denmark External Sinking Fund & Refunding 8% Bonds, due 1945 | 7,743.75 |
Accrued interest thereon | 24.62 |
(11) $5,000 Kingdom of Belgium 25-Yr. External Sinking Fund 7 1/2% Bonds, due 1945 | 5,487.50 |
Accrued interest thereon | 155.73 |
Total | 55,610.49 |
*2179 The bonds of domestic corporations and accrued interest thereon, aggregating a value of $460,315.32, were as follows:
(12) $50,000 Michigan Central R.R. Co. (Air Line) 1st Mtge. 4% coupon Bonds, due 1940 | $45,000.00 |
Accrued interest thereon | 663.04 |
(13) $5,000 Tennessee Coal & Iron and R.R. Co. Gen. Mtge. 5% Coupon Bonds, due 1925 | 5,087.50 |
Accrued interest thereon | 82.88 |
(14) $25,000 Illinois Central R.R. Co. 1st Mtge. 4% Coupon Gold Bonds, due 1951 | 23,093.75 |
Accrued interest thereon | 331.54 |
(15) $25,000 Union Pacific R.R. Co. 1st Mtge. 4% Coupon Bonds, due 1947 | 23,125.00 |
Accrued interest thereon | 331.54 |
(16) $20,000 Chesapeake & Ohio Ry. Co. 1st Cons. Mtge. 4% Coupon Bonds, due 1989 | 16,925.00 |
Accrued interest thereon | 265.22 |
(17) $25,000 Chicago, Rock Island & Pacific Ry. Co. Gen. Mtge. Coupon 4% Bonds, 1988 | 20,812.50 |
Accrued interest thereon | 331.54 |
(18) $10,000 Erie Railroad Co. 1st Cons. Gen. Prior Lien 4% Coupon Bonds, due 1996 | $7,050.00 |
Accrued interest thereon | 132.61 |
(19) $5,400 Reading Company Gen. & Ref. Mtge. Series "A" 4 1/2% Coupon Bonds, due 1997 | 5,076.00 |
Accrued interest thereon | 80.56 |
(20) $2,700 Philadelphia & Reading Coal & Iron Company 5% Coupon Rfdg. Mortgage Bonds, due 1973 | 2,733.75 |
Accrued interest thereon | 41.43 |
(21) $35,000 Northern Pacific R.R. Co. Prior Lien 4% Coupon Bonds, due 1997 | 31,018.75 |
Accrued interest thereon | 114.13 |
(22) $25,000 Pacific R.R. of Missouri 1st External Mtge. 4% Coupon Bonds, due 1838 | 22,562.50 |
Accrued interest thereon | 247.28 |
(23) $25,000 Central Pacific Railway Co. 1st & Ref. Mtge. 4% Coupon Bonds, due 1949 | 21,937.50 |
Accrued interest thereon | 247.28 |
(24) $5,000 New York Central & Hudson River R.R. Co. 3 1/2% Coupon Bonds, due 1998 | 3,850.00 |
Accrued interest thereon | 43.27 |
(25) $25,000 Atlantic Coast Line R.R. Co. 1st Cons. Mtge. 4% Coupon Bonds, due 1952 | 22,875.00 |
Accrued interest thereon | 165.75 |
(26) $49,000 New York, Chicago & St. Louis, R.R. Co. 1st Mtge. 4% Coupon Bonds, due 1927 | 45,325.00 |
Accrued interest thereon | 161.54 |
(27) $25,000 Atchison, Topeka & Santa Fe Gen. Mtge. 4% Coupon Bonds, due 1995 | 22,562.50 |
Accrued interest thereon | 82.42 |
(28) $25,000 St. Louis Iron Mountain & Southern R.R. Co. Gen. Consol. Mtge. 4% Coupon Bonds, due 1931 | 25,031.25 |
Accrued interest thereon | 103.03 |
(29) $5,000 Baltimore & Ohio 1st Mtge. 4% Coupon Bonds, due 1948 | 4,400.00 |
Accrued interest thereon | 16.48 |
(30) $3,000 Peoria & Eastern Ry. Co. 1st Cons. Mtge. 4% Coupon Bonds, due 1940 | 2,373.75 |
Accrued interest thereon | 9.89 |
(31) $10,000 American Smelting & Refining Co. 1st Mtge. Series "A" 5% Coupon Bonds, due 1947 | 9,625.00 |
Accrued interest thereon | 41.20 |
(32) $25,000 Norfolk & Western R.R. 1st Cons. Mtge. 4% Coupon Bonds, due 1996 | 22,406.25 |
Accrued interest thereon | 82.42 |
(33) $10,000 Chicago & Northwestern R.R. Co. Gen Mtge. 3 1/2% Coupon Bonds, due 1987 | 7,500.00 |
Accrued interest thereon | 174.04 |
(34) $400 Evansville Indianapolis & Terre Haute R.R. Co. Coupon 1st Mtge. 7% Bonds, due 1950 | 405.00 |
Accrued interest thereon | 13.92 |
(35) $24,000 Lake Shore & Michigan Southern R.R. Co. 3 1/2% Coupon Bonds, due 1997 | 18,900.00 |
Accrued interest thereon | 348.85 |
(36) $5,000 Oregon-Washington Railroad & Navigation Company Cons. Mtge. 4% Coupon Bonds, due 1946 | $4,400.00 |
Accrued interest thereon | 83.05 |
(37) $300 Cleveland, Cincinnati, Chicago & St. Louis R.R. Co. Ref. & Imp. 6% Coupon Bonds, due 1941 | 315.00 |
Accrued interest thereon | 5.97 |
(38) $5,000 Missouri-Kansas-Texas R.R. Co. Prior Lien Mtge. Series "B" 4% Coupon Bonds, due 1962 | 3,575.00 |
Accrued interest thereon | 66.30 |
(39) $5,000 Missouri-Kansas-Texas R.R. Co. Prior Lien Mtge. Series "A" 5% Coupon Bonds, due 1962 | 4,337.50 |
Accrued interest thereon | 82.88 |
(40) $1,333.50 Reading Company Gen. & Ref. Mtge. Series "A" 4 1/2% Coupon Bonds, due 1997 | 1,253.49 |
Accrued interest thereon | 19.99 |
(41) $666.67 Philadelphia & Reading Coal & Iron Co. Ref. 5% Bonds, due 1973 | 675.20 |
Accrued interest thereon | 11.05 |
(42) $5,000 Interborough Rapid Transit Company 5% 1st Ref. Bonds, due 1966 | 3,331.25 |
Accrued interest thereon | 82.88 |
(43) $3,000 Southern R.R. Co. 1st Cons. Gen. Mtge. 5% Bonds, due 1994 | 3,030.00 |
Accrued interest thereon | 49.73 |
(44) $3,000 Great Northern Ry. Co. 1st & Ref. Mtge. Series "A" 4 1/2% Bonds, due 1961 | 2,737.50 |
Accrued interest thereon | 42.28 |
(45) $4,000 Baltimore & Ohio 1st Mtge. 50-Year 4% Bonds, due 1948 | 3,520.00 |
Accrued interest thereon | 13.18 |
(46) $4,000 New York, Chicago & St. Louis 1st Mtge. 4% Bonds, due 1937 | 3,700.00 |
Accrued interest thereon | 13.18 |
(47) $5,000 South & North Alabama R.R. Co. Gen. Cons. 50-Yr. 5% Bonds, due 1966 | 5,225.00 |
Accrued interest thereon | 20.61 |
(48) $2,000 Indiana Steel Corporation 1st Mtge. 5% Bonds, due 1952 | 2,055.00 |
Accrued interest thereon | 49.73 |
(49) $3,000 Cleveland Short Line R.R. Co. 1st Guar. Mtge. 4 1/2% Bonds, due 1961 | 2,868.75 |
Accrued interest thereon | 11.13 |
(50) $5,000 Oregon Short Line R.R. Co. Guar. Ref. Mtge. 4% Bonds, due 1929 | 4,868.75 |
Accrued interest thereon | 83.06 |
Total | 460,315.32 |
*2180 *75 The bonds of a domestic municipality and accrued interest thereon, aggregating a value of $15,073.57, were as follows:
(51) $15,000 City of New York Registered 4% Corporate Stock of 1956 | $14,775.00 |
Accrued interest thereon | 298.57 |
Total | 15,073.57 |
*76 The shares of capital stock in a foreign corporation aggregating a value of $50,000, consisted of:
(52) 666 shares of capital stock of the Central Romelie S. A. Cuba Joint Stock Company of Guantanamo, Cuba, a corporation organized under the laws of the Republic of Cuba | $50,000 |
Of the foregoing securities, there were in the possession of the decedent's son, Ernest Brooks, in New York City, at the time of the decedent's death, the items numbered as follows: 2, 7, 8, 9, 10, 11, 40-43, 44, 45-47, 48, 49, 50, 52. These securities were not pledged and were not held as security for any indebtedness. The said son of the decedent had possession of the securities, consisting of a stock certificate and bonds, for the purpose of collecting the income therefrom and depositing same to the credit of his father in a New York bank.
The remainder of the securities above described, consisting*2181 of the following items, were in the possession of Lawrence Turnure & Company, in New York City: 1, 3, 4, 5, 6, 12-23, 24-32, 33-36, 37-39, 51. Said securities were not pledged to nor hypothecated with said company and were not held as security for any indebtedness. Said company collected the income from the securities of the decedent in its possession and placed same to the decedent's credit in a drawing account, against which the decedent from time to time drew checks. Said company made a charge for the services rendered in this connection.
The foregoing securities, at the values stated, were included by the respondent in determining the value of that part of the gross estate of the decedent which at the time of his death was situated in the United States.
The balance of $14,517.98 which the decedent at the time of his death had on deposit with Lawrence Turnure & Company, in New York City, was included by the respondent in the gross estate of the decedent.
OPINION.
TRAMMELL: The first issue for consideration in this proceeding is whether or not the value of intangible personal property of a nonresident alien decedent, comprising stock in a foreign corporation and bonds*2182 of foreign governments, foreign corporations, domestic corporations, and of a domestic municipality, should, for the purpose of the Federal estate tax be included under the facts of this case as a part of the decedent's gross estate, which at the time of his death was
The decedent died on October 31, 1924, a resident of Cuba and a citizen of Great Britain. At the time of death he was possessed *77 of the securities described in detail in our findings of fact and referred to above. The decedent was not engaged in business in the United States, and while the stock certificates and bonds in question were located in New York City, they were not hypothecated or pledged as security for any indebtedness. The securities were not a part of any business localized in the United States.
The pertinent provisions of the Revenue Act of 1924, applicable to this proceeding, are as follows:
SEC. 301. (a) In lieu of the tax imposed by Title IV of the Revenue Act of 1921, a tax equal to the sum of the following percentages of the value of the net estate (determined as provided in section 303) is hereby imposed upon the transfer of the net estate of*2183 every decedent dying after the enactment of this Act, whether a resident or nonresident of the United States: * * *
SEC. 302. The value of the gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated -
(a) To the extent of the interest therein of the decedent at the time of his death which after his death is subject to the payment of the charges against his estate and the expenses of its administration and is subject to distribution as part of his estate; * * *
SEC. 303. For the purpose of the tax the value of the net estate shall be determined -
* * *
(b) In the case of a nonresident, by deducting from the value of that part of his gross estate which at the time of his death is situated in the United States -
(Specified deductions omitted as not material here.)
(d) For the purpose of Part I of this title, Stock in a domestic corporation owned and held by a nonresident decedent shall be deemed property within the United States.
The Revenue Act of 1924, which was enacted June 2, 1924, prior to the death of the decedent, in section 301(a),
It is clear that section 303(b) is a direct limitation upon the provisions of section 302 in so far as section 302 is applicable to the *78 estate of a nonresident decedent, and since the tax is in all cases computed upon the value of the net estate, and since in the case of a nonresident decedent the*2185 net estate must be determined upon the basis of that part of the gross estate which is
The issue here presented does not involve any question of the power of Congress to impose a transfer or estate tax measured by the value of property of the kinds owned by this decedent, but the question is rather whether Congress has in fact done so. Congress has clearly indicated its intention that the tax shall be determined, in the case of a nonresident decedent, only on the basis of "the value of that part of his gross estate which at the time of his death is situated in the United States." We shall, therefore, restrict our consideration of the issue to the question whether the decedent's securities were property which, at the time of his death, was "situated in the United States."
The respondent has included the value of the decedent's securities*2186 as a part of his gross estate because of the fact that the stock certificates and bonds were located in New York City at the date of his death. This position of the respondent rests upon the theory that the stock certificates were something more than mere evidences of the decedent's ownership of an interest in the corporations, and that the bonds were likewise something more than mere evidences of debt; in effect, that the property rights themselves were inseparable from and were constituted by the documents, and had a situs where the documents were located. If this view is sound, as contended by the respondent, it would follow that since the instruments were located in New York City, the securities were property "situated in the United States."
This doctrine has been the subject of judicial consideration in numerous cases, and there is marked conflict in the reported decisions. The principle has been accepted by some courts and rejected by others. The Supreme Court of the United States, in its early decisions, took a contrary view; later the principle was approved, and still later was rejected.
In *2187
Bonds and negotiable instruments are more than merely evidences of debt. The debt is inseparable from the paper which declares and constitutes it, by a tradition which comes down from more archaic conditions.
*79 In
To the general understanding and with the common meaning usually attached to such descriptive terms, bonds, mortgages and certificates of stock are regarded as property. By state and federal statutes they are often treated as property, not as mere evidences of the interest which they represent.
The Court of Appeals of New York, in
It is clear from the statutes referred to and the authorities cited and from the understanding of business men in commercial transactions, as well as of jurists*2188 and legislators, that mortgages, bonds, bills and notes have for many purposes come to be regarded as property and not as the mere evidences of debts, and that they may thus have a situs at the place where they are found like other visible, tangible chattels.
The opposite view, that the exclusive situs of the property in debts is the domicile of the creditors, irrespective of the location of the bonds or paper evidences, was adopted by the Supreme Court in
All the property there can be in the nature of things in debts of corporations, belongs to the creditors, to whom they are payable, and follows their domicile, wherever that may be. Their debts can have no locality separate from the parties to whom they are due. This principle might be stated in many different ways, and supported by citations from numerous adjudications, but no number of authorities, and no forms of expression could add anything to its obvious truth, which is recognized upon its simple statement.
*2189 Substantially the same views were expressed by the Court in
That debt, although a species of intangible property, may, for purposes of taxation, if not for all others, be regarded as situated at the domicile of the creditor. It is none the less property because its amount and maturity are set forth in a bond. That bond, wherever actually held or deposited, is only evidence of the debt, and if destroyed, the debt - the right to demand payment of the money loaned, with the stipulated interest - remains. Nor is the debt for purposes of taxation, affected by the fact that it is secured by mortgage upon real estate situated in Illinois. The mortgage is but a security for the debt * * *.
The view that intangibles, such as debts evidenced by bonds or otherwise, have an exclusive situs for the purpose of taxation at the domicile of the creditor or owner, as expressed in
The specific question whether the mere presence of the paper evidences of debts constitutes a tax situs*2192 of the property at the place where such paper evidences are found was considered by the Court in
In the facts in this case constituted the debts evidenced by the ohio notes property in the jurisdiction of the State of Indiana at the time when such taxes were imposed, then the tax is valid * * *.
The sole question then for this court is whether the mere presence of the notes in Indiana constituted the debts of which the notes were the written *81 evidence, property within the jurisdiction of that State, so that such debts could be therein taxed.
* * *
We cannot assent to the doctrine that the mere presence of evidences of debt, such as these notes, under the circumstances already stated, amounts to the presence of property within*2193 the state for taxation.
In
At common law the maxim
* * *
The question here is whether bonds, unlike other choses in action, may have a situs different from the owner's domicile such as will render their transfer taxable in the State of that
It appears now to be settled beyond controversy in the Federal jurisdiction that intangibles, except where they have*2195 become part of a localized business in another jurisdiction, have an exclusive situs for the purpose of taxation at the domicile of the owner, without regard to where the paper evidences of such property may be found, and this is the present rule not only with respect to excise or transfer taxes, but also with respect to direct property taxes.
*82 The doctrine presently approved by the Supreme Court, at least in so far as it involves the taxing power of the States under the
While debts have no actual territorial situs we have ruled that a State may properly apply the rule
* * *
Taxation is an intensely practical matter and laws in respect of it should be construed and applied with a view of avoiding, so far as possible, unjust and oppressive consequences. We have determined that in general intangibles may be properly taxed at the domicile of their owner and we can find no sufficient reason for saying that they are not entitled to enjoy an immunity against taxation at more than one place similar to that accorded to tangibles. The difference between the two things, although obvious enough, seems insufficient to justify the harsh and oppressive discrimination against intangibles contended for on behalf of Minnesota.
The views of the Supreme Court are further stated and amplified in its latest decision on this question in
The challenged judgment rests upon the broad theory that a State may lay succession or inheritance taxes measured by the value of any deposits in local banks passing from a non-resident decedent; also upon the value of bonds issued by the United States and promissory notes executed by individual citizens of the State, when devised by such non-resident, if these bonds or notes happen to be found within the confines of the State when death occurs. *2198 The cause was decided below prior to our determination of
Ordinarily, bank deposits are mere credits and for purposes of
* * *
We find nothing to exempt the effort to tax the transfer of the deposits in Missouri banks from the principle applied in
*2199 The bonds and notes, although physically within Missouri, under our former opinions were choses in action with situs at the domicile of the creditor. At that point they too passed from the dead to the living, and there this transfer was actually taxed. As they were not within Missouri for taxation purposes the transfer was not subject to her power.
At least so far as concerns the power of the States to six without conflict with the
Should a different*2200 rule be applied in the case of Federal taxation involving a nonresident alien decedent? Can intangible property consistently be said to have a certain situs for the purposes of State taxation and another and different situs for the purposes of Federal taxation? No such distinction is indicated by the decisions of the Supreme Court. The statute here involved did not undertake to create any situs for the property, other than at the place where "situated." If it were situated at the domicile of the owner it was not "situated in the United States." We can rely upon the court decisions setting forth what is meant by "situated" and where intangible property is situated. It is clear that the
In the
In the case of
The respondent cites the case of
*86 Conceding for the sake of argument that the Congress had the power to subject the transfer of the property here involved to the estate tax, the question here is, Has it exercised*2206 that power by levying a tax measured by the value of intangible property situated in the United States belonging to a nonresident decedent? Under the Supreme Court decisions the property involved here was not "situated in the United States," but had its situs at the domicile of the owner.
In construing statutes levying taxes, it is the established rule not to extend their provisions by implication beyond the clear import of the language used, or enlarge their operations to embrace matters not specifically pointed out, and in case of doubt, they are construed most strongly against the Government.
Certainly the statute applicable here does not in express language levy the tax upon nor measure the tax in the case of a nonresident decedent by the value of any property which is not "situated within the United States." Since the Supreme Court has now settled the law that the situs of stocks and bonds is at the domicile of the owner, then in the case of a nonresident decedent the statute does not lay a burden upon or measure it by the value of such property as is here involved.
The statute, in section 303(d), expressly provides*2207 that stock in a domestic corporation owned and held by a nonresident decedent shall be deemed property within the United States. However, no such provision is made as to bonds of domestic corporations or stocks in foreign corporations. The express inclusion of one class of securities implies that others are not to be so treated. The rule
If Congress had desired or intended to include, for purposes of the estate tax, intangible property of nonresidents of the kinds here in controversy, a provision evidencing such intention could very easily have been incorporated in the statute, as was done with respect to stock in domestic corporations. Certainly, to*2208 give such property a taxable situs in the United States, the statute must in any event expressly so provide. However, only in the specific case of stock in a domestic corporation has Congress undertaken by the statute to create any other situs for intangible property than that established *87 by the rule of law as set out in the judicial decisions, that is, the domicile of the owner.
In the various States statutes involved in the cases before the Supreme Court, the States expressly sought to tax intangible property at places other than the domicile of the owner, it being conceded that the State of the domicile had the right to tax. But the statute before us does not expressly make provision for taxation except as to property "situated in the United States." That the property involved here was situated at the domicile of the decedent in Cuba seems clear from the decisions.
The foregoing discussion with respect to other intangibles is applicable to the money on deposit with Lawrence Turnure & Co., regardless of whether it was engaged in the banking business. Whether it was so engaged or not, the money which it had credited to and placed on deposit for the decedent, like*2209 the other intangibles was not situated in the United States.
Reviewed by the Board.
Gould v. Gould , 38 S. Ct. 53 ( 1917 )
Kirtland v. Hotchkiss , 25 L. Ed. 558 ( 1879 )
DeGanay v. Lederer , 39 S. Ct. 524 ( 1919 )
Blackstone v. Miller , 23 S. Ct. 277 ( 1903 )
Farmers Loan & Trust Co. v. Minnesota , 50 S. Ct. 98 ( 1930 )
Baldwin v. Missouri , 50 S. Ct. 436 ( 1930 )
Blodgett v. Silberman , 48 S. Ct. 410 ( 1928 )
Beidler v. South Carolina Tax Commission , 51 S. Ct. 54 ( 1930 )
United States v. Bennett , 34 S. Ct. 433 ( 1914 )
Buck v. Beach , 27 S. Ct. 712 ( 1907 )
Rhode Island Hospital Trust Co. v. Doughton , 46 S. Ct. 256 ( 1926 )