Appeal of Estate of Blair

*960OPINION.

Steenhagen: The Commissioner fixed the value of the stock at the date of death at $75 a share, which the petitioner says is too high, because it reflects the amount of the insurance as among the corporate assets. We can not as a matter of law say that the valuation of a share of stock must exclude such an asset. That the right of the beneficiary under a policy is an asset seems clear. In re Reed’s Estate, 243 N. Y. 199; 153 N. E. 47. Whether at any given time it is worth its face or its surrender value or something between is a matter of fact requiring proof. It can well be imagined…