Word: leaching
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...Leach's article explains that a recent attempt by the Delaware legislature to modify its technical property law may have unforeseen consequences, possibly resulting in a severe headache on the part of the U. S. Treasury department...
...Duponts can avoid inheritance taxes forever is shown by W. Barton Leach '21, professor of Law, in the leading article of the February Law Review appearing today...
...Suppose that A" says Leach, "an economic Royalist (and there are such in Delaware), leaves his estate to his son, B, for life, remainder to such of B's issues as B shall by will appoint, with full power of delegation; then B exercises the power by giving a life estate of his son, C, of life, remainder to such of C's issue as C shall by will appoint with full power of delegation; then C exercises the power in the same way, and so on ad infinitum...
...consequences," concludes Leach, "follow: (1) Property can thus be tied up in a family forever--a result which has not been possible in Anglo-American Law since 1472; and (2) No federal estate tax is payable after such tax has been paid in the estate...
From Paul Leach of the Chicago Daily News came a muffled crack: "He's cutting off the tail right behind the ears." The President did not hear it. In high good humor he concluded the conference, turned to his next important appointment of the day: a meeting with Business bigwigs to discuss co-operation between Government and Business (see col. 3). After hearing such an effusion of Presidential sentiments, the reporters retired amazed and mystified. Even the "death sentence" of the Holding Company Act permits first degree holding companies under certain conditions. Abolition of all holding companies would break...