Evening star., 1921-07-01
CARNEG|E'S ESTATE
IS ONLY $22,651, OIL
During Life Iron King Gave
Away Sixteen Times
What He Left.

NEW YORK. July The state con-
troller's Office today appraised the es-
tate of Andrew Carnegie at $2s.s33,-
Ola gross and S22.151.Q11 net. Tne
principal items are securities Valuea
at s17,543,53S.
widow, was the chief beneficiary. re-
ceiving a total Of $i1,33S,S47. the
Carnegie Corporation Of New YORK
was bequeathed $1o.663.5s0
The will, which was made pvpilc
in August. 1919. stated that Mr. Car
anegie had made ample provisions In
a..S lifetime for his daughter. Mar
garel Carnegie Miller, and PROVIDED
that If she outlived her mother she
would receive the principal OF a trust
This trust fund. the appraisal re-
vealed, was formed by the iron mas
ter. with provisions that the income
should be paid to himself for life: At
she died, their daughter should re-.
ceive the principal absolutely. The
trust was so arranged that the prtncl.
pal could not be taken either by Mr.
Carnegie or his wife while they ltve..
being described by the appraisers as
an anchor to windward."
Appraisal OF Many. Gifts.
= The appraisal enumerated in detail
the numerous gifts and benefacttons
stipulated in the will. which were
made public almost two years ago.
An affidavit by Elihu Root, jr. one
OF the attorneys for the executor, the
Home Trust Company. which was died
Carnegie had given away $360.000.000
during the latter part Of his Life, and
had the estate remained intact 1t
would have been the largest yet ad-
rinistered. ~ :,
"It is a more difficult estate than
80 ho SAffle
the affidavit said. AS q great deal Of
difficult law will be involved. 1t is
probable that Mr.. Carnegie's income
taxes for 1914 to 1918, inclusive. will
be litigated, and will involve an ad-
ditional tax Of 100000. There will
United States in regard to the taxa
bility under the federal estates tax
laws Of the property held by Mr.. Car
neEie and his wife as tenants by the
entirety, which involves an additional
$600,0o0. Also with the federal gov.
ernment will arise a controversy as to
the taxability, under the same law, OF
the value Of the trust interests Of the
pensioners in the so-called pension
fund, involving an additional tax OF
100000.
the state transfer tax law. of property
held by Mr.. and Mrs. Carnegie as ten
ants by the entirety-that is, jointly
seized Of the whole.
"In regard to the taxation of the
pensioners interests in the pension
fund and also with state controller
as to the rights of the estate to de-
duct the federal estate tax in com.
putting the New York state transfer
tax, and after careful consideration
of authorities and consultation with
Senator Root, it has been determined
that the question would be better
tested in court.
THE total involved in the three
questions at issue with the controller
aggregate from s25O,No0 to $350.00o.
1t is impossible in a brief statemen,
to give any fair idea Of the com.
plexity of the estate"
The Carnegie mansion at 6th ave-
nue. and 91st street, valued by the
estate at $2,500,20O. and other city
property were not taxed by the aap-
praiser. the reason given being that
it was conveyed by the deceden,
and his wife. Louise W. Carnegie, as
tenants by entirety
The pension fund referred to by
Mr.. Root provided annuities OF $10.-
900 for William Howard Taft, Pre-
mier Lloyd George and Viscount