® November Mr. Val Hotel Ae de Liege, Dear Bro Ww 19,1935. ing, Suede, Belgium. Val: lating Enclosed herewith taxes. It to is is very a copy of difficult another letter sometimes to to Joe impress re- one by letter, You will notice from my letter of the 8th to him that I mentioned that “*the sad part of it all is that arrangements that may be made with pro per ty owned by an individual cannot always be applied to a corporation” etc. We ‘eaves the ereat deal know the problems sbout corporation of them problems pehetrey in only. connection with relative T have income to also taxes as well This then thought a taxes, inheritence taxes and the new California State Tax. The latter I know little about, end it might therefore be checked into, however, it, like the Federal Income Tax and Federal and State Inheritance taxes, is ce and, regsrdless of sll the Pine-hsired thought of, there is just one way I know is for one to give his property away. of schemes that can be avoiding them and that If any of then wish to aive it away, they mey do so because it is their property and their businéss. So fer as I am concerned, however, I shall never suggest that they do. Sometimes in trying to avoid one thing we run into enother thing which is worse. This is a subject that should be carefully considered from more angles than onee It is @ subject worthy of diligent study, incorporating trusts, wills or s combination of the two in connection with property distributions before death, with provisions for the original owner retsinine the income until death, etc. It is a long story and not a new one with me. ? Joe, cuite naturally, does not think that I am inclined to give due consideration to the matter, but the trouble is I may have giventoo much time to it in the past. At any rate, nothing will be done until you return. With kind regards, Sincerely, Enel °