The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-08
S59S,OOO TAX PAID
ON ALTMAN ESTATE
Gifts to. Charity Reduce ray.
ment on Merchants $40.
10000 Fortune.
$40. 600. OOOFORF FOUNDATION
Metropolitan Museum Takes
Art Collection on
Terms of Will.

Through the payment OF 4 pr .."u...t-.
| tax OF s59s000 on the estate uf R,utI.. ..
| Altman II became known vosterdt, '....
the real and personal property hr H..
! the dry goods merchant will amount %, Il
| least 340,O00,000 The executors ,t...
the art collection at SO. 900. 900 Vr
Aitman's real estate. which he piyc 'a 're
corporation of r. Altman q 60. is worth
more than si2,000,000 Other gIfts ~
! the corporation swell the total 90 49, Vt.
man 4 Co. to more than $4,000 0op
The money gifts provided fuf BOO ",
Atman's will. including the $500. 600 10
! his nephews and nieces. exceed g. 600 pun
This includes the money left undo 'a-
clause giving $4,000 to employees WEI f..
firm more than twenty-five years. 500
to those employed more than eighteen.
years and $1,000 to those employee ~.
teen years. About $50 employee ui.
share in the estate under this CLAUSE.
was learned
The bulk OF the estate. SO Tur SIS ..
informed. Is beaueathed under tho claus.
by which Mr.. Altman's entire interest f-
his business and the site OF his s'ur. .
left TO the Altman Foundation. which was
Incorporated In 1912 to improve On. ron
dition OF the employees and 20 'n1h.
them to share In the profits.
All surplus profits. Mr. Altman ii -oc,s
must go to. such charities as the execute.
may select The executors are ". .p.
frieusam, Formerly vice -rfeSiitN' fN
now president OF the corporation Gco-R,
Il. Read, Or. Bernhard Sachs and Flw
J. Steiner.
While no inventory Of IN" estate ha.
as yet been made and the value Of ~.
Altman stock has not been determined f.
Is believed that the foundation viii nav,
capital of not less than $4,000 600
and that large sums will be available o..
charitable purposes, after a sufficient vt..
has been set aside from the income '.
provide for the employees.
John v. Coggey. the transfer tax t-.
praiser. who will report to the SurroL4'
Office on the value Of the estate. has h..t
no hearings yet and the atfi'ud. tr
the State authorities toward eNeuuf ~
the part of the estate going to IN. a
man Foupdaton from a tax has no, bs.,
disclosed
The executors are relying on the ~,
vision OF section 22l Of the transfer '7t
law. dealing with exceptions from tan
which says.
Any property devised or beduo4'hef
Tor religious ceremonies obserVartes o.
commemorative services for the lie
ceased donor. or to any person who =
a Bishop or TO any religious. educa'' nj
charitable missionary. benevolent hos
ptal or infirmary corporation. wh.r.v..
Incorporated, including corporations cop
ganized exclusively for Bible or tract ptr.
poses. shall be exempted from and ro.
subject to the provisions of this art.c,e"
Recent decisions by the courts IN trar,
FER tax cases have indicated a q isuos
ton to take a liberal view OF qursti.u.
arising as 10 whether corporation o..
ceiv'ng gift under a Will Is "ch.r
table or benevolent corporation. Sr.
the Altman Foundation bequcst is pr
marty for the welfare Of the employ->
and secondly for miscellaneous char
the executors believe the bequest vii ..
held to be exempt especially sine. ..
charities to be benefited would lose AZ
amount that might be collected as 90,
Deducted > Per Cent
The executors. in paying the '5oS.u.
tax at Albany on Monday. deducted
per cent allowed under the laR
payments within six months Nh
man died on October : last
Before the executors could estimate g..
amount of the preliminary tax = va.
necessary for them 10 know whether 'N.
Altman art collection would be ar..-.
by the Metropolitan Museum Of Ar, %. o..
the conditions laid down in the w."
case the museum could not see its r.
clear 10 meet the conditions the W.i
Nided for private art museum
would have made the $4,000, 600 cp., TO-
taxable and would have increased ~.
amount paid on Monday
Counsel for the executors arrpr-
Yesterday that the museum had agreed
all the conditions. chief among th,sc l..
that the Metropolitan Museum mus
v!de. In n freproof building. onc ,.s
sufhcient size to contain al Mr. Nl'r
paintings, statuary. rock cry-ta'-
Limoges enamels, and one fnr his g.. .'.s.
porcelans the two rooms 20 NJ, ad
and To have at least as much foof 81
as the Altman Galleries AT go
avenue and | West Fiftirth str.,-
rooms are 20 contain no oNhih.'~ .... zee
Altman collection. Mr.. Altman Il-.
that his secretaries who hAv,
charge Of his collection for Years ..
ployed by the museum ~ lnf- .-
perform their duties faithfu'y ~. -
$4,000 To the museum 10 p.1..
their salaries
The executors have entered .t..
tract with the Metropolitan Nr-,...
which the collection IS 90 nr ..
temporarily. and is TO 10 n'ue,i t. ..r
permanent rooms 10 he pros "A. a g..
soon as possible
gifts Exempt From InN
Counsel for the executors f....
Vsi - hn .n~