The citizen., 1922-12-28
INHERIT LARGE
SUM IN 5 YEARS
$8,7s5, 81, ,s89 From 1890
Estates Left TO- Fortunate
Heirs in That Time.
UNCLE SAN TAKES HIS SHARE
Inheritance Tax Collected BY the
United states Treasury From
1915 to 1922 Totals Sum
Of $35t,t38,32a

washington.-Inher as a sob
ject of Imagination and discussion
never lose their glamour. For this
reason the cold statistics Of the In
ternal revenue bureau, recording the
bare facts Of the estates which are
transmitted In the United States, are
of absorbing interest. No personal
details are to be found. because, un.
der the law, no such facts may he d.
vulged.
The figures do not reveal how the
fortunes were bedueathed. They tell
no stories of newsboys who helped old
ladies' across crowded streets and
later woke up millionalres because the
old ladies on their deathbeds remem-
bered the kind deeds.
Billions Go to Heirs.
What the figures do show is that in
the period from September, 1916. to
January, 1922, the latest for which
statistics have been compiled, 1920
estates passed to fortunate heirs. The
total sum bequeathed staggers the
Imagination. II amounted to $685.
GAL .Ss9. The average individual would
consider himself lucky IL his morning
mail informed him that some old
uncle's will had left him $1,000. But.
within this brief period enough
money was inherited to make S,7S5
millionaires. The sum, II averaged
among the recipients, would give each
a fortune of about S200.OOO. which
Is enough for man to live upon all
his days. Forty-two thousand persons,
enough to populate a good-sized city.
all were made rich through inherit
ance In this period.
The beneficiary does not get the
whole amount Of the bequest, for the
stern-visaged treasury tax-gatherer
steps In and takes a share which, in
some cases, Is as much as one-fifth.
The total tax paid on these requests
Of nearly $9,OOOOOO,OOO was 1851 ,13S,-
323 The smaller estates bring the
average down so that for the whole
bulk the rate was only $40 per cent
on an average. or an average tax of
only S9,597.35 per estate. The big
estates are those which pay the great
est taxes. For instance, the average
tax paid on the estates In the group
of s1OOOO,OOO and over, was more than
S4.OOO,OOO.
1t is a curious fact that the benefi-
ciaries of wills greatly dislike to give
up to the tax collector any part Of
the sum inherited. in spite of the fact
that II Is practically a gift for which
no labor has been performed.
The inheritance tax is levied on net
estates, that is, what remains after
the deductions permissible under the
tax laws are made. The estates listed
In the period under review were
brought down to net figure Of $5..
4O7,673,531 and the tax levied upon
that sum.
Many Deductions Allowed.
Deductions are Of various charac-
ters. In the first place there Is
specific deduction of $4,000 for all
estates and no one who leaves less
than that sum has his bequests cur
tdlleu Dy tne tdN.
For the period under review there
were 5,643 such estates having a gross
value Of s437 All 300.
The statutory deductions include
charitable. public and similar be
quests. These took $264 491 .6S7 from
the taxable total during the 1916-1922
period. The law provides that prop
erty recently inherited by the dece-
dent and which, therefore, has recent
ly paid an inheritance tax may be ex-
empted. The amount coming within
this category was s67. .5s2,902.
Funeral expenses, debts unpaid at
the time Of death. and the expenses
Of tho administration of estates may
be deducted from the net or taxable
estate. These deductions In this
period reached total Of $1.033. .4Os.-
174. II Is presumed a large part of
this bill i was consumed by the
classification administrative ex-
penses."
During this 19l6l922 period there
were some estates which must have
been equal to the treasure Of the
Count OF Monte Cristo. Twenty-three
inheritances were In class described
as "s10.OOO.OO0 and over" How great
are the sums the short word "over"
covers is not revealed, but some OF
these estates must have been vast for
a tax OF s92. 2.106,l4s was paid on them.
an average Of more than $4,000
each. The gross total Of the % es-
tates was $500. .637. .895-more than
half a billion.
The millionaire class is sufficiently
numerous to furnish plots for no end
of romantic stories of Wills and heirs.