Estate of Clay v. Commissioner
United States Tax Court
Wife purchased insurance on decedent husband's life, paying premiums with funds withdrawn from their joint checking account. Held: In absence of agency relationship, payment of insurance premiums by one joint tenant does not constitute payment by the nonwithdrawing tenant. Therefore, decedent does not have a transferable interest in the policy within the purview of sec. 2035, I.R.C. 1954.
1Opinion of the Court
Estate of Lee J. Clay, Deceased, Mary Louise Clay, Personal Representative, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Clay v. Commissioner
Docket No. 21714-83
United States Tax Court
86 T.C. 1266; 1986 U.S. Tax Ct. LEXIS 91; 86 T.C. No. 74;
June 23, 1986, Filed
Decision will be entered for the petitioner.
Wife purchased insurance on decedent husband's life, paying premiums with funds withdrawn from their joint checking account. Held: In absence of agency relationship, payment of insurance premiums by one joint tenant does not constitute payment by the nonwithdrawing…
2Cases cited10 opinions
- Aquilino v. United StatesSupreme Court of the United States · 1960
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Bel v. United StatesCourt of Appeals for the Fifth Circuit · 1971
- Vesey v. VeseySupreme Court of Minnesota · 1952
- The Detroit Bank & Trust Company, of the Estate of Fred W. Ritter, Deceased v. United StatesCourt of Appeals for the Sixth Circuit · 1972
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