New-York tribune., 1909-11-10
MILLION FOR STATE
TN ESTIMATED ON
KENNEDY EST1TE.
But about ses 500 900 Of HIS
Requests Arc Ercmpt I'm
der the Lax.

Although no schedule of the estate Of
John Stewart K2nnody hss been made
public persons familiar with such mat
tors estimated yesterday that tho state
world get from Sio9o.e0o 10 Sl..'eo!s"
g. q transfer tax. More than S2i.hsa"po
~ The beauests viii be exempt from the
transfer tax. as they arc made 10 public
institutions incorporated under the laws
Of this state.
As under the law. = reduction Of . per
cent ~ fhe iotal transfer tax is given
II The tax is paid within six months after
the death of the teststor. there are few
cases where tho tax on large estates -
Tot paid within that time. II the tax is
paid within Tho next eighteen months
after IN" first six months. there is no re
hat7 or no penalty After the eNpira
iien of that time interest AT the rate
Of lo per cent \ year from the death Of
the testator is charged.
The am rndment 10 the transfer tax
Law under which many of the institu-
tions benefited by Mr. Kennedy's viii
arc exempt was passed in 1907. After
stating that when property of value
OF $1,000 or more is transferred by in
heTifancc TO or FOR the use Of any
father. mother. husband wife, child.
brother. sister" etc. il shall be taxable
at the rate Of per contum upon the
clear market value 81 such property"
Tho amendment COOS on To say: But
amy property devised or boqucathed 10
any person who IS bishop or TO any
sionaFy. benevolent. hospital or infirm-
sry corporation. including corporations
a. gauizoi cYclusivcly for Bible or tract
lDrpos ,s shall be exempted from and
shah noi Zoe subject 10 the provisions of
this aci"
FOREIGN CORPORATIONS SUBJECT
u has boen decided that foreign cor
l'orations. that is, corporations chartered
h2 other Jurisdictions Than New York
state. arc subject 10 the regular trans
1ol taN which is :, per cent - tho clear
market value Of such property. As stat
cd above, the widow. children and 9th r
close relatives arc exempt from tho fun
rate, but must pay a I per cent tax on
fh,ir inheritances
recent case whore an educational in
stitution in another state was obliged 20
pay tie > pcr cent rate was that Of Yale
University, in receiving the legacy Of
S.sfptefp from Tho estate Of Frederick g
Hewitt Some wears ago the Metropoli-
tan Museum Of Art was taxed on all in
heritances of money, but under a special
sct il was deemed 10 be an educational
institution" and thus excerpt
An expert on the transfer tax law said
last might that the New York Public
Library. Astor. Len"X and Tilden Foun-
dations. would probably Ice taxed on its
Kennedy bequest OF S22-oog0. II will
probably claim exemption. however,
under the plea that il is an educational
corporation.
Robert college. of Constantinople. viii
have 10 pay transfer tax on is Si.-eo.-
U'o Most of tho Presbyterian institu-
lions and organizations named in the
will are incorporated under the laws Of
this state and are exempt. The Presby-
|. icrian Board of Relief for Disabled Min
listers and the Board Of Missions for
l'reedmen Of thc Presbyterian Church
ia the United States are both Pennsyl-
Nania corporations however. Tho first
VIII pay = tax ON S:;oeo9 and the latter
on Slo00p
BOARD OF AID MAY HAVE TO PAY.
The Presbyterian Board ~ Aid for COL
logcs and Academies was originally an
Illinois corporation. Three years ago it
iuos I'd its headquarters To this city from
Chioago. but IL is understood that it has
not rencarporated here. II this be true,
Il viii have 10 pay a . per cent tax on a
Ss.su.ooo hequest
oi th, mine colleges and other cducs-
iionsl institutions that are 10 receive
Aloo.o0o each. all except one-Hamilton
college arc situated outside thu stat.
and thus win br suhject TO tho tax
The Young Mems Christian Associa-
sion ~ tho city of New York and the
Young Womcn's Christian Association Il
the city Of New York are 10 receive Sl0.-
tHn each They have always been tax.d
by tho state Conuollcr on inhcritances.
+nd viii Dc IN this ease The Young
Womcn's Christian Association 81 Brook
In now is lighting tho Controller on a
similar tax ia the courts.
In some Wills il is provided that any
irsusfer tax on an inheritance shall De
laid ont "f The rcsiduarg estate. but 40
spch provision was made by Mr. Kcn-
nody in the .caso OF institutions and or
EanizatiOns 10 which he left money.
Roughly speaking, Mr. kennedy left
Ss5en0C'o 10 public institutions ana ,r-
Eanizstions of that amount il is said
bN person familiar with the law that
ane state Wiil probably be able 10 collect
q tax on some S60p00Oo This AT the >
Ier cent rate viii net S;500ep0
WHAT RELATIVES MUST PAY
The tax on the $l3.oo0.e0 10 De re-
ccl'"d by tho widow viii be Sl3Oe,D.
and on tho S2.I;go.obo bcqueathed 10
roistiN2s and Others, aside from brothers
viii amount Ia St;57.VpO Just What tax