view raw text
Court Rules Charitable Part Of Oglebay Estate Tax Exempt COLUMBUS, Ohio, June 17.— The Ohio Supreme Court has ruled that the charitable residue of the estate of the late Crispin Oglebay of Gates Mills, Ohio, is exempt from inheritance taxes. Oglebay was a prominent owner and breeder in thoroughbred racing. The high court, in its decision, upheld an earlier verdict of the Cuyahoga County Probate Court and reversed the Court of Appeals, which ruled that half of the amount involved a total of ,579,962 was taxable. The Ohio sportsman left the bulk of his estate ta the Central National Bank of Cleveland as trustee for distribution to charities. He stated, in his will, that at least half of the income and principal must be used for Ohio charities. The State Tax Department claimed the amount used for Ohio charities should be tax exempt but the amount going to out-of-state charities was not. Since a minimum of 50 per cent of the charitable donations go to organizations within the state of Ohio, the "substantial part" requirement of the law on exemptions is satisfied, the Supreme Court ruled.
