Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1927-08-05
PAYS 100000 AS
INHERITANCETAX
W.. A. CLARK ESTATE WILL RESIST
ANY EFFORT TO COLLECT
ADDITIONAL TAX

.NNy

The late Senator w. A. Clark, who
when he died was Montana's richest
individual, left an estate OF about $780,
000, 900, an estimate that is regarded
by many who are familiar with his vast
enterprises, as modest. The estate has
paid in inheritance taxes to Montana
about $500, 900, lille the federal In
heritance wa approximately S8 $500, 900.
The executors OF the estate Will con-
test any effort to collect additional in
herltance tax under the law as amend
ed in 1925.
Notification of the executors intention
to contest the law was contained in the
first annual report on the finances Of the
estate. The report. covering the period
from the time the executors were APP
pointed to December 80. 1926, shows cash
receipts Of $33 ,555, 050.87 and disburse-
ments Of $28, 436, 725 90.
The executors state that administra-
ton costs will Mount to $500. 900 and
hat legal service will cost more than
81 900 900. They ask that when the ac-
count is heard the~court allow 5000, 900
as partial payment of legal fees.
Since the date Of Senator Clark's death.
March 2. 1925. a partial distribution has
been made to the residuary heirs, who
are the five children. The amount dis
tributed was &5 500 900.
On December 81. 1925. the total assets
in the hands of the executors was e29,-
228, los .05, including $5. 1l8, 324.8 80 cash in
banks.
The report shows that all but one OF
the pecuniary legacies provided for In
the will OF Senator Clark have been paid
and trusts created by him provided for.
At the time the will was probated n
district court an inventory and appraise-
ment showed the estate to be valued at
SAT, 1853 sos. 40. An inventory made later
by John P. Kelly, special inheritance tax
appraiser appointed by Judge j. j. Lynch.
placed the valuation at $49, 028 ,906 .65.
The executors protest that the Kelly ap-
praisal is too high but that it has been
accepted by them for purposes Of de-
termining inheritance taxes.
The report discloses that to date the
estate has paid %. 640.80 in estate and
inheritance taxes to state inc federal
governments and that s247.587 yet re-
mains to be paid.
viii Set Date
Charles w. Clark, w. A. Clark, Jr., Mary
G. de Brabant and Katherine l.. Morris
are the executors who submitted the re-
port in district court. 1t now becomes
the duty of Judge j. j. Lynch to set q
date upon which the report will be heard
and inheritance tax finally decided upon.
1t is detailed that under clause IL of
the senator's will, provision was made
for the support of the widow and Hugh
cite, unmarried daughter OF Senator
Clark. 1t was provided that they should
occupy the family home in New York and
that a trust fund be created for Mrs.
Clark.
The executors point out that this ar
rangement proved unsatisfactory after
the widow had been paid 500. 981 SO. Up
on the further payment of $4,000 she
~relinquished all rights under clause IL
and the trust terminated.
The will provided that II clause II was
waived certain works of art in the New
York home should be delivered to the
Corcoran art gallery at Washington, d.
G. This provision was followed and paint
ings valued at 81, TIL ,396.50 were turned
over to the gallery. Later some articles
in the house were sold at public auction
for e222, 663 so.
Receipts of the sale were Invested In
bonds, but in accordance with the will,
the bonds will be sold, and the money
distributed pro rata to the five children.
Residuary heirs are the Ave children,
Charles w. Clark, w. A. Clark, Jr., Mary
c. de Brabant. Katherine L.. Morris and
Huguette Marcelle Clark. Each residuary
heir is to receive one-ffth Of the residue
The funeral expenses OF Senator CLARK.
totaled e17,580.85 . Debts OF the estate at
the time OF p~robating the will amounted
to 81, 183, 274.15.
UP to December 81, 1925, the estate
paid %, 440, 846. 10 in federal taxes; $780,
900 in inheritance taxes to Montana, and
1856, 1856 .02 In taxes to other states. The