The evening world., 1914-07-21
Foundation for Employees and
Art Gifts Tax Exempt
and Not Appraised.
NET REALTY IS N,7O7,S29.
Purposes of Foundation Are
Found to Be of Wide
Spread Benevolence.

CoGgey filed his appraisal OF the e.
tate Of Denjamin Altman. the founder
OF u. Altman q Co.. who died Oct
Z. last year. with the Transfer Tax
Once Of the surrogatss' Court to-
day. The report expressly holds that
tho funds which become part OF the
Altman Foundation are exempt from
the operation Of the Transfer Tax
Law. Tho gross value Of the estate.
exclusive OF the securities and prop
srty set aside for this purpose 10
III. oo4. 30s. The net value OF the ss-
tate utter the deductions for funeral
expenses. administration expenses.
debts and commissions OF the az
ecutors IL ss.oos.s7i.
Tho not value OF the Altman realty
IL placed at N.7o7.s29. The principal
item In this schedule Is the block
bound by East Thirty fourth street,
Fifth nvonus. East Thirty fifth street
and Madison avenue. which 10 partly
owned or held under Ieasehold. 10
appraised at Sl0.2ss.b2s. subject TO
mortgages which reduce the value
OF tho squ,ty to ss.7bs.sSs,. The gross
value Of the premises facing Madi-
son avenue between Thirtieth and
Tr'rty-firSt streets. east side. 10
placed At S?.Sos.soo. hut the val OF
the equity 10 3lIs.707.
HELD LITTLE FOR PERSONAL
ADoRNMENT.
Mr.. Altman had bank deposits and
cash on hand. Ses.4A. His personality.
subject to taxation. was A. follows:
Tho paintings. specifically given to
NJ. Friedsam, $4,000: household Of
fscts. &%,57b: library, 0.o40: amount
due on open account from Arm Of B.
Altman 4 Co.. 35l%.32s: . carriage
and the jeweiry worn BY himself,
t5O0; claim. now settled. due from,
Duveen Bros. $3.50. 900. arising out OF
the sale Of Turner picture and q
Persian rug. and several notes and
mortgages.
The stocks and bonds owned by Mr..
Altman were appraised at &.4sl 237.
Tho principal item 10 S4.s0o. 900 bonds
Of the b. Altman q Co. corporation.
Appraiser Coggey In explaining the
exemption of the assets Of the Altman
Foundation says:
THE so.called Altman Foundation
was the benefaction OF one Of the
merchant princes OF the City Of New
York. and. aside from the fact that
one OF its purposes 10 to promote the
social. physical or economic welfare
and efficiency Of the employees Of b.
Altman 4 CO.. a New York corpora
ton Of which the decedsnt was the
head. the foundation appears to be
general and catholic In its operation.
FOUNDATION OF WIDE BENEv.
oLENcI.
THE Legislature by creating the
Altman ' Foundation constituted q
body corporate and empowered It to
receive property to promote the 30.
DIAL. physical and economic welfare
OF the employees Of b. Altman & Co.
and further to apply tho property to
the use and benefit Of charitable. be.
nevolent ana educational institutions
within tho State Of Now York by
such agenci . and means a. from
time to time shall b found appro-
PIRATE therefor.
Tho amount Of property that 10 to
b. used Up promoting tho specific
purposs--namsly, that which has ref
srsncs to the employees OF b. Ait
man &: Co.'s not fixed and apparent
ly 10 left to the discretion Of the body
corporate. The Same 10 true with ref
srsnce 10 the property to no used for
bsvenoisnt and educational tnstitu-
lions within the state Of New York.
II am constrained to hold that the
reference 70 the employees OF u. Ait.
man 4 Co. 10 merely Incidental TO the
greater bsnsfaction OF using the
property for benevolent and educa.
tionai institutions within tho State
OF New York. and therefore, In my
opinion. thp property passing BY the
will of above named decedent TO the
so-callsd Altman Foundation comes
within the exemption Of Section 2sl
Of the Transfer Ta& law and II mon
subject 10 the transfer tax provided
by that measure"
GIFT TO MUSEUM or ART NOT
INCLUDED.
The only portion OF the stock held
by Mr.. Altman In the u. Altman a
Co. war 1000 shares. the value o
which " placed at Sa7s,aS0 The 2s.ss'
shares which passed TO the Altman
Foundation are not included In th'
amount OF gross assets. The valu'
OF eiss . snare has bssn accepted b!
the Appraiser,
Tho Appraiser reports other roa
estate equities In houses In variou
parts OF Manhattan. apart from tn
big block 10 tbs nsishsorhooa Of tn
store. .
! The articles N the soAsdulsa. q