FORTUNE MELTED.
UNCLE SAM TOOK THE LOT. CHICAGO, April 14. Waiting to share a fortune of £2,200,000, the heirs of Mr. Reuben Donelly, the publisher, fmd that the estate "is now bankrupt because of Government taxation. "Uncle Sam" takes the lot. The reason is that, while the investments ho left have slumped in value, the taxation is based oil their "boom" ] value at the time he died. Mr. Donelly died in February, 1920. leaving his fortune invested in the Montgomery Ward Company, one of the world's largest mail-order houses. The Government claims £400,000 as inheritance tax on shares which are now valued at below £200.000. Scores of estates of rich men who died just before the Wall Street collapse have utterly disappeared, for the same reason.
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Bibliographic details
Auckland Star, Volume LXIII, Issue 92, 19 April 1932, Page 7
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126FORTUNE MELTED. Auckland Star, Volume LXIII, Issue 92, 19 April 1932, Page 7
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