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TURNER v. ZINK

1 N.J. Super. 114 (1948)

61 A.2d 544

WALTER E. TURNER, EUGENE HULSHIZER AND CHARLES C. TRELEASE, EXECUTORS OF THE LAST WILL AND TESTAMENT OF HENRY MUELLER, DECEASED, PLAINTIFF-APPELLANTS, v. HOMER C. ZINK, COMMISSIONER, ACTING AS DIRECTOR, DIVISION OF TAXATION, DEPARTMENT OF TAXATION AND FINANCE, DEFENDANT-RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided December 27, 1948.

Attorney(s) appearing for the Case

Mr. Charles C. Trelcase argued the cause for plaintiff-appellants (Mr. George F.F. Pollard, on the brief).

Mr. William A. Moore argued the cause for defendant-respondent (Mr. Walter D. Van Riper, Attorney General of New Jersey).

Before Judges JACOBS, EASTWOOD and BIGELOW.

The opinion of the court was delivered by BIGELOW, J.A.D.

This is an appeal from the levy of an inheritance tax. The issue is the market value of shares of the capital stock of C.F. Mueller Company. Decedent owned 60% of the stock and four close relatives held the rest of it. There were no sales of stock indicating its market value, except the one sale discussed below. The book value at decedent's death November 10, 1946, was $269.25 a share, or $1,271,937 for his...

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