The review., 1919-11-27
r. J. REYNOLDS ESTATE
Is OVERE17 MILLIONS.

Winston-Salem, Nov. 24.-The late
n. J. Reynolds, the famous TOBACCO
king" who died July 20, 1913, lett an
estate valued at ST., liz, ,429.31, accord
ing to the inventory report filed today ;
with the clerk of the Forsyth Super
ior court by Mrs Katherine S. Key
no1ds, widow Of the deceased ana au-
ministratrix of the great estate. IL
has been figured out that the STATE OIL
! North Carolina will receive an nenr1-
tance tax of approximately $520,oIo.
An interesting fact observed IN the
inventory is the extent to Whlcn MT
Rovnelds was interested in every Ine
of citv. county and state industrial
and commercial developments. Wnlle
his greatest interest centered IN the
1deve1onment of the tobacco manuIac-
turing company, which bears MS
name he was also interested in scores
~ other enterprises, making for the
general development OF MS cohnlun
itv and state, and also in other states.
He was largely interested IN teAtlles'
TINS aiding in building the cotton Hilll
sunermacy of North Carohna anu tn0
south. he was interested in furniture
manufacture. mercantile enterprises
hanlxs. land developments, hotels, rec
), treation and amusement enterprises
for public benefit, raifwsFs. 1ar1nlns' -
1ivastock. etc. In the report as admin
. istratrix, under the state la" Apply
inp tn administrators and admlnlstra'
, +,ix the estate to be inventor1ed IN
c1ndes all holdings in the state W1tn
-
= port shows an estate valued at @A0'
I139,79415.
These intems are entered Simply
for the settlement of the estate OF
deceased under the state law
The report of inventory to be use'
s h17 tho state tax commission as basis
# rnon which to compute the lnheri
G +ance tax due the state includes tn'
entire holdings of the estate VIII
ua1ues assessed as of the date OF III
l. death of the interstate. In this cas-
t. va1ues of each item are assessed as
r INV 90 1918, on which date Mr.. Rey
Z nolds died. copy or tnls IepoI' M M
d heen fled with Clerk OF Court M'
e Kaughan and another copy also 'r@nS
D. mitted to the state tax commission q
Raleigh.
er This renort sets forth the names Z
il the lagettes, distributes ana dlVlsles
II mentioned in the will and to Wholn I'll
III nronertv is bequeathed, 1ncludln
lc s240 900 for hospitals in Wlnston-o'
re- lam and the remainder OF the esta'
TO IN he divided under the will oetWee
o. Mrs REYNOLDS and their four chllorel
le Tn addition to the stocks, MONIES ou
the estate and personal property an
chattels, this report contains 10
estate in the city Of Winston-Sale
G. valued at approximately qoVo'oo
ba bringing the total value or proper
~ located in North Carolina up TO W
IN nation of O,758, ,239.15.
The renort also lists stocks held
"a the estate with the Safe DeposlI a.
,as Trust company, OF Balu1moro'
an valued at $6,361 ,2OO.16, giving
ha gross value of the estate SUBJECT
exemptions and inheritance taxes
gh SIT ,119 ,439.S1. -.
O. Fron this amount the state 1nne
ror tance tax law permits exemp'lo9
~ all Indebtedness of the estate chari
nd BILE 1egacies, costs OF adn1nlstla' q u
~ and counsel fees, etc. Among Ine
- items are found an income tax palo
the state for 1918 amounting to o.
' half million dollars; ENGLAND oe'
49, duty on account of stock held IN
Rritish-American Tobacco compa
- s23 $4,000; United States estate
s3 100000 90; New York 1nherlIa'
tax. s33O.OOOO0. The aggregate
items in this section of the report
re- about s6,0oO,o0o, leaving net va
assessed subject to. state inehrital
of SIC, ,776, ,494.67.
'ult- On the above basis the estate
a. Mr. Reynolds will pay into the ST
treasury more than half million
>-r lars in Inheritance tax. The rel
ne was placed today in the hands OF
lgln state take commission at Ralel
eu,s where the actual receipts OF the ST
from the estate will be computed.