Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-03-22
AN INHERITANCE TAN.

That section Of the payne bill, which
provides for an inheritance tax is ~
entirely new feature for a tariff bin
and as Is very natural under the cir
cumstances. IL attracting an unusual
degree OF attention. 1t embodios
President Taft's idea on the subject
and strikes most people as a much
more equitable way OF raising revenue
for the support of h government
than a tax on any OF the nccessariee
OF life, or upon the industrial cnergIcs
~ the country. As this section Is
now the enter OF public attention, We
give II below in full:
SEC. 35. When propcry, real or
personal or any beneficial Interest
therein. of the value OF less than $l0,-
600, passes by any such transfer to
or for the use of any father, mother,
husband, wife. child, brother. sister
wife or widow of Il son or the hus-
band OF a daughter. or any child or
children adopted as such In conform
ity with the In ws of any state, ter
ritory or of tho United states Gin
which such person shah at the time
~ such transfer rpHide1, OF the de-
TO any child TO whom any such de
cedVnt, CANTOR, donor or vendor, or
cendent. CANTOR. donor or vendor for
not less than ten years prior To such
transfer stood in the mutually ac-
knowiodged relation of a parent, pro.
vidcd, however. such relationship be-
gan at or before the child's lifth
birthday and was continuous for said
ton years thereafter, II provided
alec that, except IN the ease OF a step
child, the parents of such enid shat
be deceased when such Relationship
commenced. or 10 any lincal descend.
ant OF such d~ecedent, janitor, dcnor
or vendor born In lawful wedlock
such transfer Of property shall not
he taxable under this actl " real
or personal property, or any benofi
cial interest therein so transferred Is
Of the value of 10000 n not eX
cecding 100000. It shall be taXabl,
under this act at the rate of one poi
ccntum upon the clear market value
OF such property. If exceeding NOO,-
900 Il shall be taxable under this net
at the rate of two per ccntum upO
the clear market value Of such prop
prty: II exceeding $500. coo, II shat
bc taxable under this act al the rate
OF three per ccntum upon the clear
market value " such prorerty.
nut any property devised or be-
aucnthed to any person who Is q
bishop or 20 N religious, education.
al. charitable, missionary, benevolent
hospital or infirmary corporation, in
Guiding cornnrntious organized cSclu
sivclv for bible or tract purposes
shall be exempted from and not sub
iect 10 the provision Of this act
There shall also be exempted fror
aud not subject To the provisions of
this act personal property other thar
money OF securities bcducathed To
CORPORATION or association organized
exclusively FOR the moral or mrntal
Improvement of men or women, or TO-
scientific. literary library, patriotic
cemetery or historical purposes or for
the enforcement of laws relating Il
children or animals. or for two on
moro of such purposes and used OK
Clusivoiy for carrying cut one or more
of such purposes. Tut no Nurh cor
or association shall ho en-
titled To such nNemntion II any off.
cor. momber or emuloVe thereof shal
receive or nay be lawfully entitled e
receive any p%rCuntarN profit from the
operations thereof except reasonable
compensation for services Ia cffectine
one or more of such purposes or ne
ho~ncficinrirs OF its SwtriVtlN
charitable purposes; or it the orRanl.
thereof for any such nvowed
be n guise or prctcnce for
directly or Indirectly making n 9th
or p%ecuniary pront for such corpora
lion or association or for any ~ its
members or employees, cor " u be not
In rood faith organized at conducted
exclusively for one OF more OF such
purposes.
sections 80 and 81 pertain to meth
DDS OF collecting the tax and penalties
Tor non-paymvnt