Ducros v. Commissioner
United States Tax Court
A corporation took out a policy for its benefit with a life insurance company naming its president as insured; the corporation to pay the premiums. The policy had a clause allowing the corporation to change the beneficiary at will. Securing the policy with such a clause was part of a plan to bestow the proceeds of the policy at maturity upon stockholders in proportion to their interest in the corporation.
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A corporation took out a policy for its benefit with a life insurance company naming its president as insured; the corporation to pay the premiums. The policy had a clause allowing the corporation to change the beneficiary at will. Securing the policy with such a clause was part of a plan to bestow the proceeds of the policy at maturity upon stockholders in proportion to their interest in the corporation. The corporation changed the beneficiary to one of the petitioners and upon the death of the president the insurance company paid direct to this petitioner. Held, such payment was not…
1Opinion of the Court
Francis H. W. Ducros and Phyllis A. Ducros, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Ducros v. Commissioner
Docket No. 64518
United States Tax Court
30 T.C. 1337; 1958 U.S. Tax Ct. LEXIS 77;
September 30, 1958, Filed
Decision will be entered for the respondent.
A corporation took out a policy for its benefit with a life insurance company naming its president as insured; the corporation to pay the premiums. The policy had a clause allowing the corporation to change the beneficiary at will. Securing the policy with such a clause was part of a plan to bestow the…
2Cases cited5 opinions
- Warnock v. DavisSupreme Court of the United States · 1882
- Connecticut Mutual Life Insurance v. SchaeferSupreme Court of the United States · 1877
- United States v. Supplee-Biddle Hardware Co.Supreme Court of the United States · 1924
- Wilson v. Progressive Life Insurance CompanyCourt of Appeals of Georgia · 1940
- Ducros v. CommissionerUnited States Tax Court · 1958