Vanderbilt v. Eidman — Opinion of the Court
“ Surely, by such language it was not intended by the legislature that the courts should undertake to ascertain the clear market value of a mere possible interest which, from its very nature, could not have any market value, and which, for all practical purposes, such as taxation, is incapable of valuation. ”
Vanderbilt v. Eidman — Opinion of the Court
“ For taxation is a hard fact, and should attach only to such ownership, and may properly be compelled to wait until chances and possibilities develop into the truth of an actual estate possessed, or to which there exists an absolute right of future possession. I am not shutting my eyes to the statutory language, which is quite broad. The property taxed may be an estate 'for a term of years, or for life, or determinable upon any future or contingent estate,' or 'a remainder, reversion,or other expectancy,' and the tables of mortality may be resorted to for the ascertainment of values. ”
Vanderbilt v. Eidman — Opinion of the Court
“ In view of the express provisions of the statute as to possession or enjoyment and beneficial interest and clear value, and of the absence of any express language exhibiting an intention to tax a mere technically vested interest in a case where the right to possession or enjoyment was subordinated to an uncertain contingency, it would, we think, be doing violence to the statute to construe it as taxing such an interest before the period when possession or enjoyment had attached. ”
