New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-22
appraiser Coggey EX-
empts Request to Founda-
ton and TO Museum.
RULING ON S2.500.000
TO GO BEFORE COURT
State Controller Wants Payment
on Amount Given 10 Benefit
Employees of Store.

John v Coggey Transfer Tax Ap-
praiser. m his report on the estate o.
BENJAMIN Altman in the Surrogates
Court Yesterday, held that there should
he no tai on the 22.996 shares OF the
drygoods corporation Of B. Altman &
Co.. which ne gave in mis- will 10 the
Altman Foundation. for the benefit o.
me employee ana charitable and educa -
tional institutions.
The art collection left by Mr.. Altman
20 the Metropolitan Museum OF Arr.
the value Of which Is not included On
the appraisal. but which has been
placed BY experts a. Sl2.000,00O. also
will be exempt from = transfer tax.
The decision concerning the stock left
10 the Altman Foundation was disputed
by the attorney for the state Con-
troller. VINO contended that this gift
d d not come under the section OF the
law eXemptinE oeouests. The point
viii be determined lr cOurt. he stock
LIFT 20 the foundation IS valued a.
more than S2.500,000
The estate Of Mr. Altman. exclusive
o. the stock left 20 the foundation and
III, art collection. consisting OF paint
luCs. Chinese porceiains. rugs and
other objects. was appraised a. Sill
094 ,30S The administration expenses.
debts and other deductions left as the
net estate S9,005.67L OF the latter
amount there passes TO the corporation
Of B Altman & Co., under the will OF
.Ee founder and head. personal prep
erty and real estate valued at
sG.j34.29G
Advises Exemption.
Mr.. tOggev wrote a memorandum OK
planning the purpose OF Section pol.
under which he freed from tax the be
quest TO the Altman Foundation. which
provides for an exemption Of al prop
erty beqUeathed 20 any benevolent or
educational corporation or 20 a corpo-
ration organized exclusively for the re-
lief or mental improvement Of men Or
women. The so-called Altman FOun-
dation.' said the appraiser. was the
benefsction Of one Of the merchant
princes Of the City OF New York. and.
aside from the fact that one Of It's
purposes is 70 promote the social.
physical or economic welfare and Of
hNAFuNf VI tic fllp4OFf~ o. y. a NflldI
& Co.. New York corporation. o.
which the decedcnt was the head the
foundation appear 20 be genera and
catholic m its operation. I'm passing
upon this question I think the act
should be construed literally. with q
view TO the purposes and intentions Of
the founder o. the benefaction. The
Legislature, by creating the Altman
Foundation. constituted a body corpo-
rate and empowered Il 20 receive prop
erty 70 promote the social. physical
and economic welfare OF the emploves
OF B. Altman & Co.. and further. TO
apply the property 10 the use OF and
benefit Of charitable. bencvolen. and
educational institutions within the
state
81 am constrained 10 hold that the
reference to the employees Of 3. AT
man & Co. IS merely incidental 10 the
greater benefactIoQ Of using the prop
erty for benevolent and educational in
stitutions. and therefore. IN my opir-
ion. the property passing by the will 20
the so-called Altman Foundation Gomez
within the exemption Of Section 92l o.
the transfer tax law. and is not sub
ject to the transfer tau provided by
that measure