Kennedy v. Commissioner
United States Board of Tax Appeals
1. The value of certain shares of stock forming a part of the gross estate of the decedent determined. 2. Loans on insurance policies on the life of the decedent, in which the widow of the decedent was beneficiary, deducted from the face of the policies in making settlement thereunder, held not to constitute claims against the estate of the decedent.
1Opinion of the Court
*332OPINION.
Smith:
The Commissioner increased the value of the gross estate of D. J. Kennedy, deceased, in the amount of $407,950.96 but did not change the amount of the deductions. The petitioners took exception to only a portion of the increase made by the Commissioner in the value of the gross estate.
The Commissioner now admits error .in adding to the gross estate $75,669.26, which is the amount of the proceeds of insurance policies paid to the widow of the decedent in excess of $40,000, but by appropriate pleading claims that there should be disallowed from the deductions $50,613.90,…
2Cases cited4 opinions
- Lewellyn v. FrickSupreme Court of the United States · 1925
- Board of Assessors of the Parish v. New York Life InsuranceSupreme Court of the United States · 1910
- Travelers' Ins. Co. v. LazenbyAlabama Court of Appeals · 1918
- Equitable Life Assurance Society of the United States v. DeLisleMissouri Court of Appeals · 1916
3Cited by3 opinions
- Baldwin v. CommissionerUnited States Tax Court · 1959
- Laird v. CommissionerUnited States Board of Tax Appeals · 1933
- Kennedy v. CommissionerUnited States Board of Tax Appeals · 1926