Page:The Wizard of Wall Street and his Wealth.djvu/295

 money-making his father decided to test his mettle, and was highly delighted when the youth came out of the conflict with flying colors. Edwin Gould is a member of the Consolidated Exchange.

Howard Gould, the third son, is getting his first experience in business. He has been given as a start a seat in the directorate of the International and Great Northern Railroad Company.

Considerable interest attaches to the liability of the Gould estate for the payment of an inheritance tax. While the terms of the will are of course not known, and the question of public bequests is not settled, the Wall street idea is that such bequests, if they exist, are not likely to cut into the total to any appreciable extent. Under the laws of 1892 property bequeathed to Mr. Gould's children will be liable to a tax of 1 per cent. Section 2 of chapter 399 says:

"When the property or any beneficial interest therein passes, by any such transfer, to or for the use of any father, mother, husband, wife, child, brother, sister, wife or widow of a son, or the husband of a daughter, or any child or children adopted as such in conformity with the laws of this state, or to any person to whom any such decedent, grantor, donor, or vendor for not less than ten years prior to such transfer stood in the mutually-acknowledged relation of a parent, or to any lineal descendant of such decedent grantor, donor, or vendor born in lawful wedlock, such transfer shall not be taxable under this act unless it is personal property to the value of $10,000 or more, in which case it shall be taxable under this act at the rate of 1 per centum upon the clear market value of such property."