New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-04
HIS Personal ESTATE.
TT 1s 1J.R1E TO A TAN OF ONE PER CENT.
rurs Will. GIVE TO TIE STATE ABOUT $1,000

THIS WILL GIVE TO THE STATE ABOUT S''V0o'-
ms ZEAL ESTATE IS NOT TAXABLE.
Under tbe laws Of the State the personal cs'h'e
,ec nv Mr. Gould to his children or "tI'is'eo ioi
their benefit will be liable TO n tax Oh Poi VIZ
Zeal estate left TO lineal heirs is not suDJ"oV " '
tax The railroad and similar securities "ni'" i0i"
the main part of Mr.. GOuld's estate are hou I" "
personal property under the law, ana therefore, .o
subject to the tax mentioned. 1t Is the oI'"r n'' NV
voIne of the property which the law taxes anu ho'
the nominal value placed upon shares Oh s'och "
clriing 10 The most conservative estimates i'''"e '
Coulds personal estate, counting 'he various 'i'o'
of stock bonds and securities Mt thclr ACTUAL MA" NV'
value may be placed in round figures at S'o'ooooO''
This will Weld a tax to the state of S'oO'ooo' Inc
a,,,ra,semept viii be made under The authority Of
Tho surrop,te The executors allowed SIN
months TO make their schedules ana present
Them to the Surrogate. Under ChaP'cr N'
of the laws OF 1892, amending the acts ci 1000 anu
1887. said Deputy Controller Stors yesterday IL,
ferring to the statutes all property "inch S""ii
pass by will by the intest'te laws Oh 'ne o''' "
any interest or income therefrom which snail De
frssterred by, decd grant sale gift made in con
Foundation Of the death Of the grahtOr TO any person
or persons Or to any body polite or corporaoh' IL
trust or otherwise, shall be subject 10 TAX us hec
matter stated. When the beneficial interest 10 any
personal property or income tlerefrom shall pass u
~ for the use Of any father mother, husband Wife
husband Of daughter, any child or children adopted
In conformity with the laws of the state OF any
nea descendant born in lawful wedlock 81 for every
500 OF clear market of such property but where
the estate is valued ut less than $4,000 sai not o
subject 10 tax and If such beneficial interest Is III
land or real estate In this state IT shall be eNeuP'
from taxation. In all other cases the rate snail DC
s. on every 500 Of clear market value IL over @'o'
In value But property bequeathed TO bishop OF
Shall be exempt from tIIls
tax"
Assistant Corporation Counsel Charles Blandy, whose
practice las made him familiar with the laws in aucs
ton as well as with the decisions and rulings OF The
courts, was asked yesterday
If 1t shall prove 10 be true that Mr. GouId h''
left his personal property-his railroad interests Is
necallv-in the hands of trustees for a term OF
Years. the income to 60 to his children, would Snch
d.po.llion Of his estate affect 10 any way the power
~ the State TO collect its taxes upon legacies and IN
heritances!'
81 am clearly OF the opinion" replied Mr. Blandy
after looking over the statute quoted by Mr. otorrs
that placing the estate in the care OF trustee; cam
Inheritance tax II Mr.. Gould could by the terms o.
his will by deed OF gift otherwise. make such :
such rsses nneatory his chi dren heirs to the re-
hottest generation. when they came 10 ae'ise mn Inen
thus be pcrpeually barred OF us Tho Hs cn,s
! have not examined the matter with me a rii'
from ibe IangaSe Of the law that personal estate
Mr. Could has ier for benefit Of his children IS
heonest All property left 20 those out OF lineal
descent would be taxable at per cent on It's clear
If the tax to accrue the state from NJ Could
estate comes to $4,000 as stinated me sohtros
returns hererOm VIII be 90 e. excee S esr egas
the Controller receives by law per cent upon the
Second per cent AnS rms upon you'd ia ae Ih
Controllers fees sIo,5OO 100000.