Flick's Estate v. Commissioner of Internal Revenue

WALLER, Circuit Judge.

On December 9, 1935, R. Jay Flick created an insurance trust with Bankers Trust Company, a New York corporation, and Robert I. Ingalls, Jr., a resident of Alabama, as trustees, to which trust the decedent on that date made complete, absolute, and irrevocable assignments of six paid-up life insurance policies. Data in reference to these policies may be synopsized as follows:

When Face Amount

Issue Date Company Paid Up Amount Collected

Mar. 3, 1897 Northwestern Mutual Life Insurance Co., No. 365032 1917 $ 20,000 $ 36,300.00

Aug. 29, 1911 Same company, No. 891599 1931 15,000…