New York Surrogate's Court June 23, 1925 (In re the Estate of Colt)

Foley, S.:

This is an appeal by the executor from the order fixing the transfer tax on the following grounds: (1) That the appraiser failed to *374deduct from the value of the assets within this State the indebtedness due New York creditors arising out of a pledge to them of certain securities owned by the decedent; (2) that a tax has been imposed on the sum of $340,000 as capital invested by