Asset exemption for limited-term interests: route-permit value may be excluded when permits are precarious under statutory scheme. Route-permit value may be excluded from wealth-tax where the statutory scheme and permit terms create a precarious, limited-term interest not available to the holder beyond a short period, and assessing officers must examine permit terms, Motor Vehicle Act provisions, and local conventions before granting such exclusion.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Asset exemption for limited-term interests: route-permit value may be excluded when permits are precarious under statutory scheme.
Route-permit value may be excluded from wealth-tax where the statutory scheme and permit terms create a precarious, limited-term interest not available to the holder beyond a short period, and assessing officers must examine permit terms, Motor Vehicle Act provisions, and local conventions before granting such exclusion.
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