The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1931-02-20

cart. All, yes! N. c. Cathcart,
trust officer of the bank that made
that report on Elmer Clarke to old
Hiram"
He took the letter in question
from the file and read 1t again.
an. G.. Cathcart, trust officer, Is
a girl. N. G. Cathcart is Nellie q.
Cathcart. A girl, by thunder-and
a smart girl The Pilarcitos Com
mercial Trust and Savings bank
didn't make this report. Nellie @.
Cathcart made it. Oh, Lord. for a
secretary with brains like Nellie!
She's up to snuff. She knew all
about Hiram B~utterworth and she
made it strong - sc strong 1t
knocked old Hiram clear off his
perch. She figured on doing just
that-and she succeeded. She
ought to be president Of that bank
and I'll bet she will be-after that
mortgage is paid"
He reread the letter. Between
the lines I seem to see something"
he soliloquized. Nellie Cathcart
is in love with Elmer Clarke. That's
why she wants this little discovery
kept a profound secret. Going to
surprise Elmer on their wedding
day, I suppose. Bully for you,
Nellie. You're all right and I'll play
the game with you. Now, how did
she learn of this clause in the will
so promptly? That's easy. Bull
lard. of James. Billiard and Yohn,
counsel for the bank downstairs,
was in to look at the will just before
! took it up to the courthouse to be
filed. Nellie wired the bank for de-
tailed information about the will,
and the bank furnished 1t, where
upon Nellie cinched her case and
wired me. Well, good news
shouldn't be boarded. I'm going to
disobey Nellie and send her a tele-
gram to Pilarcitos."
He did. 1t was at the bank wait
ing for Nellie when she got there
that same morning. 1t read:
"Dear Nellie. You. win. Congrat-
ulations. May I come to the we'd
ding? NUNS the word. Mac"
Contrary , to Ansel P. Moody's
declaration that Nellie had no sense
of humorosity. she wired back I'M
mediately, straight message:
"Dear Alb: You're awfully fresh,
but I like you. 10 you may come to
my wedding. AS you are not a bank
er, it probably has eve occurred
to you that funds at six per cent
compounded semi-annually practi-
cally double every twelve years. O
Time, where is thy sting at eight
per cent? How about income taxes,
federal inheritance taxes? Who
gets this last, Iowa or California
or both? Am not grating free le-
gal advice, either. Send your bill
for the answer. Nellie"
The following morning Old Lady
Bray was again knocked all Of a
heap when she took the follow
ing night letter owe the wire:
"Nellie, you are priceless. Our
revered Uncle Sam cannot get his
hands on any income earned or due
prior to March -. 1913. although he
does participate in all income from
interest collected thereafter, and I
do not see how we can dodge it.
Federal Inheritance tax may not
apply at all in this case because
the legal heirs of Catheron's body
inherits through his daughter.
Hence If granddaughter can prove
that this mortgage was appraised
as worthless by the appraisers of
her mothers estate and mothers es-
tate probated on that basis, the law
cannot be retroactive and claim an
inheritance tax on an estate that
has developed value long after es-
tate has been closed.
"If Catheron's daughter died
more than five years ago, statue of
limitations acts as further bar to
collection of Inheritance tax on her
estate now. Catheron's granddaugh-
ter cannot now be regarded as a
legatee just because a doubtful as
set has suddenly appreciated in
value. for this new value Is not
a bequest under decedent's will, but
is attained because will gives u
thority to pay a debt Of honor long
overdue. OF course. internal rev
enue collector will try to collect
but if he does 7 will lick him ?
every turn. For the same reason
that federal Inheritance taxes do
not apply in this case, state inner
itance cannot apply either.
"Oh joy, oh joy. spring Is here
and I am so glad. How lovely to
find somebody who can laugh, not
to say sheer, at the Washingtonian
wolves Of financed! No charge for
this advice. After all, ! have some
sporting blood and to prove 1t |