In re the Estate of Carew

The opinion of the court was delivered by

Crane, J. A. D.

This is an’ appeal from a determination of the New Jersey Transfer Inheritance Tax Bureau. Decedent was the president of and a 50% stockholder in a corporation known as Garden Motors, Inc. Decedent’s wife owned the remaining 50% of the stock. Among the assets of the corporation were two policies of insurance on the life of its president. In computing the value of the 50 shares of stock decedent bequeathed to his wife, the Bureau included the proceeds of the insurance policies as assets of the corporation.

The appellant, representative of…