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IN RE ESTATE OF WALLACE

100 N.J. Super. 485 (1968)

242 A.2d 646

IN THE MATTER OF THE TRANSFER INHERITANCE TAX ASSESSMENT IN THE ESTATE OF CHARLES F. WALLACE, DECEASED. JOSEPH C. CORNWALL AND FIDELITY UNION TRUST COMPANY, A NEW JERSEY BANKING CORPORATION, EXECUTORS OF THE LAST WILL AND TESTAMENT OF CHARLES F. WALLACE, DECEASED, APPELLANTS, v. WILLIAM KINGSLEY, ACTING DIRECTOR, DIVISION OF TAXATION, DEPARTMENT OF THE TREASURY, STATE OF NEW JERSEY, RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided April 25, 1968.

Attorney(s) appearing for the Case

Mr. F. Earl Walter, Jr. argued the cause for appellants (Messrs. Shanley & Fisher, attorneys; Mr. John Kandravy, on the brief).

Mr. Stephen G. Weiss, Deputy Attorney General, argued the cause for respondent (Mr. Arthur J. Sills, Attorney General of New Jersey, attorney; Mr. Elias Abelson, Deputy Attorney General, on the brief).

Before Judges GAULKIN, LEWIS and KOLOVSKY.

The opinion of the Court was delivered by GAULKIN, S.J.A.D.

The Transfer Inheritance Tax Bureau of the Division of Taxation, Department of the Treasury (hereafter the State) ruled that (a) the testamentary transfer of the residue of the estate of Charles F. Wallace to the "Trustees of the Florence Murray Wallace Fund" is subject to an inheritance tax of $993,606.29, and (b) the proceeds of certain refund annuity contracts which, upon the death of the testator, passed...

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