Raleigh, July 28—The estate of the late E.D. Latta, of Asheville and Charlotte, may be subjected to heavy inheritance tax schedules under the revenue and machinery acts of the 1925 general assembly, although state revenue department officials will not venture an estimate until it receives an itemized account of the value of the estate.
Press reports indicated that Mr. Latta was worth from $6 million to $8 million, but that a large portion of this had been divided among his widow and two children a few months before his death. However, under the revenue and machinery acts, all gifts made within three years before death are subject to the inheritance tax. Hitherto, the law exempted gifts in cases where it could be shown that they were not made in anticipation of death.
A part of the approximately $2 million left to charity may be subject to inheritance tax because all of the causes to which it was bequeathed are not located in North Carolina.
The inheritance tax rate on estates valued in excess of a million dollars is 6 per cent.
From the front page of the Concord Daily Tribune, July 29, 1925
newspapers.digitalnc.org/lccn/sn92073201/1925-07-29/ed-1/seq-1/
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