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BASSETT v. NEELD

23 N.J. 551 (1957)

130 A.2d 1

CARROLL K. BASSETT, WILLIAM B.K. BASSETT, ROBERT WATSON POMEROY, II AND FREDERICK C. VAN DUZER, EXECUTORS OF THE LAST WILL AND TESTAMENT OF MARGARET K. BASSETT, DECEASED, APPELLANTS, v. AARON K. NEELD, DIRECTOR, DIVISION OF TAXATION, DEPARTMENT OF THE TREASURY OF THE STATE OF NEW JERSEY, RESPONDENT. IN THE MATTER OF THE TRANSFER INHERITANCE TAX ASSESSMENT IN ESTATE OF MARGARET K. BASSETT, DECEASED.

The Supreme Court of New Jersey.

Decided March 18, 1957.

Attorney(s) appearing for the Case

Mr. Meredith N. Stiles, Jr., argued the cause for the appellants (Messrs. Lum, Fairlie & Foster, attorneys; Mr. Ralph E. Lum, Jr., of counsel).

Mr. Joseph A. Jansen, Deputy Attorney-General, argued the cause for the respondent (Mr. Grover C. Richman, Jr., Attorney-General of New Jersey, attorney).

The opinion of the court was delivered by BURLING, J.

Margaret K. Bassett died on February 28, 1954, a New Jersey resident. The state inheritance tax has an impact upon 2,619 shares of stock of Bassett Estates, Inc., by virtue of gifts made by the decedent in contemplation of death or as a part of her estate at death. The "clear market value" of the stock (R.S. 54:34-5) was reported at $68.746 per share. The Director...

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