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MATTER OF WINTHROP v. BATES

278 A.D. 42 (1951)

In the Matter of Henry R. Winthrop, Petitioner, v. Spencer E. Bates et al., Constituting The Tax Commission of the State of New York, Respondents

Appellate Division of the Supreme Court of the State of New York, Third Department.

March 14, 1951.

Attorney(s) appearing for the Case

F. Walter Bliss for petitioner.

Nathaniel L. Goldstein, Attorney-General (Wendell P. Brown, Solicitor-General and John C. Crary, Jr., of counsel), for respondents.

FOSTER, P. J., and COON, J., concur with HEFFERNAN, J.; BREWSTER, J., dissents, in an opinion in which BERGAN, J., concurs.

HEFFERNAN, J.

On August 16, 1935, petitioner gave his daughter, Mrs. Alice W. Payne, $200,000, which he deposited to her account in the Chase National Bank. On the same day he borrowed the identical sum from her and gave her a note payable five years after date with interest at 2%. He paid a Federal gift tax of $8,250, on the gift in question.

The note matured on August 16, 1940, and a renewal note was...

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