Atkins v. Commissioner
United States Tax Court
1. Several years prior to decedent's death a partnership, of which he was a member, took out policies of insurance in the aggregate amount of $ 200,000 on the joint lives of decedent and one of his partners. The partnership paid the premiums and was named as beneficiary in all of the policies.
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1. Several years prior to decedent's death a partnership, of which he was a member, took out policies of insurance in the aggregate amount of $ 200,000 on the joint lives of decedent and one of his partners. The partnership paid the premiums and was named as beneficiary in all of the policies. Prior to decedent's death the partners agreed that the proceeds should constitute a part of the assets of the co-partnership and be applied to liquidate any indebtedness which might be owing by it. Following decedent's death the proceeds were paid to a partnership creditor. In the estate tax return the…
1Opinion of the Court
Estate of George Herbert Atkins, Deceased, Laura Stouder Atkins, Executrix, Petitioner, v. Commissioner of Internal Revenue, Respondent
Atkins v. Commissioner
Docket No. 109961
United States Tax Court
2 T.C. 332; 1943 U.S. Tax Ct. LEXIS 106;
June 30, 1943, Promulgated
Decision will be entered for the respondent.
1. Several years prior to decedent's death a partnership, of which he was a member, took out policies of insurance in the aggregate amount of $ 200,000 on the joint lives of decedent and one of his partners. The partnership paid the premiums and was named as beneficiary in all of the…
2Cases cited4 opinions
- Helvering v. GowranSupreme Court of the United States · 1937
- Bank v. Carrollton RailroadSupreme Court of the United States · 1871
- Atkins v. CommissionerUnited States Tax Court · 1943
- Bank of the United States v. WhiteSupreme Court of the United States · 1834