Shelley v. Commissioner
United States Tax Court
1. The executor of the estate of petitioner's mother, pursuant to the mother's will, purchased from an insurance company in 1942 for a single premium payment of $ 30,559 an annuity contract calling for the payment to petitioner during her life of $ 70.90 per month and providing that petitioner was entitled to participate in the divisible surplus of the company, which should be apportioned and paid annually as "dividends."
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1. The executor of the estate of petitioner's mother, pursuant to the mother's will, purchased from an insurance company in 1942 for a single premium payment of $ 30,559 an annuity contract calling for the payment to petitioner during her life of $ 70.90 per month and providing that petitioner was entitled to participate in the divisible surplus of the company, which should be apportioned and paid annually as "dividends." Any "dividend" so apportioned could be withdrawn by petitioner in cash or applied by her to increase future annuity payments. Pursuant to the annuity contract petitioner…
1Opinion of the Court
OPINION.
Kern, Judge:
Respondent has determined a deficiency of $280.79 in petitioner’s income and victory taxes for the taxable year ended December 31, 1943. For the purpose of computing petitioner’s tax liability under the Current Tax Payment Act of 1943, respondent included in petitioner’s taxable income for the years 1942 and 1943, respectively, the amounts of $283.60 and $916.77 as “income from annuity contract.” Petitioner alleges that respondent erred in the inclusion of these amounts in petitioner’s gross income.
The questions presented for consideration are (1) whether section 22 (b)…
2Cases cited1 opinion
- MacArthur v. CommissionerUnited States Tax Court · 1947
3Cited by9 opinions
- Waller v. CommissionerUnited States Tax Court · 1963
- Arnfeld v. United StatesUnited States Court of Claims · 1958
- Fisher v. CommissionerUnited States Tax Court · 1949
- Fisher v. CommissionerUnited States Tax Court · 1949
- Fisher v. CommissionerUnited States Tax Court · 1949
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