Chicago (Oct. 27)
County Judge J. G. van Keuren yesterday approved the State inheritance tax of $538,763 against the estate of the late Julius Rosenwald, noted Jewish philanthropist.
The assessment was presented by Assistant Attorney-General Harry Ash who valued the estate at $31,202,320 for inheritance tax purposes. The estate is the second largest to be probated in Cook County, being exceeded only by that of Marshall Field.
Deductions were allowed in the amount of $16,820,127 for debts. This includes $13,000,000 in bank loans, including $5,825,000 which represents the amount put up by the late Mr. Rosenwald to cover the market losses suffered by employees of Sears, Roebuck & Company in the market crash of 1929 and $11,000,000 bequeathed to the Rosenwald Family Association.
The taxes should not exceed $125,000, attorneys for the estate said. None of the 700,000 shares of Sears, Roebuck stock held by the estate will be sold to pay the tax bill.