Texas Attorney General Opinion: O-6122 Page: 2 of 5
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555 .
Honorable Geo. H. Sheppard - Page 2
Your depertasnt has taken the view that Charles H.
Jones entire 5 per cent iLatrest in the Morgan Jones estate
is subjlot to inheritance tax, regardless of the doactile of
the corporation which issued the bonds and stocks, and re-
gardless of thB physical location of th oertitioateos or other
evidences o f ownership, sad you request our opiion whether
this position is correct.
The following is the pertinent portion of Article
7117, V. A. C. i.:
"All property within the jurisdiction of this
tate, real or personal, corporate or incorporate,
and ay interest thtrei, . . . . whether belonging
to inhabitant of this tate or to persons who are
not inhabitants regardlss of wethetCr suh property
is located wihLi or without this State, which *ha1
* pass absolutely or in trust by will or by the laws
of desoont or distribution . . . . shall, pon pea-
.s oina to or for the use of' any porsfnZ, corporation,
or assoolation, be subject to a ta,. . . .
The question of jurisdiction to tax property, both
tangible and intangible, has been the subject of Lush dis-
Oussion by the courts, and from time to tie the promises on
which such Jurisdiotion was baed have been changed. Finally,
in Curry v. MoCanless (1939) 307 U. 5. 357, 83 L. zA. 1339,
t 59 s. ot. 900, 123 A. L. Rt. 162, jurisdiotion to tax land,
Stanible personalty and inatanible prsonalty was placed
squarely on the proteetio or benefit theory of taxation as
correlated with the control of the laws of the particular
state over the thing or person taxed.
In Curry v. MoCanles*, eooedent, a resident of Tena
.. nssee, transferred certain stocks and bonds to an Alabaa
trust oorporation by trust indenture, reserving the income
for life, th power to rnove the trustee and substitute an-
Other, tha power to diroot sale and investment of the trust
S property, and the power to dispose of the trust estate by her
las will and testament. Until do dent's death the evidenoes
of the iatan~iblus were located in Alebasma and thu trust oor-
poration administered the trust in that state. At her death,
daoedent xercisaed the reserved power of teatamentory disposi-
tion, and bequeathed the trust property to the same trustee,
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Texas. Attorney-General's Office. Texas Attorney General Opinion: O-6122, text, 1944; (https://texashistory.unt.edu/ark:/67531/metapth263400/m1/2/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.