Estate of Dimen v. Commissioner
United States Tax Court
Decedent was sole shareholder of a corporation which owned a split dollar life insurance policy on decedent's life. The proceeds were payable to the corporation to the extent of cash surrender value with the remaining portion payable to decedent's daughter.
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Decedent was sole shareholder of a corporation which owned a split dollar life insurance policy on decedent's life. The proceeds were payable to the corporation to the extent of cash surrender value with the remaining portion payable to decedent's daughter. Held, the corporation, and thus decedent, possessed sufficient incidents of ownership in the policy, within the meaning of sec. 20.2042-1(c)(6), Estate Tax Regs., to cause the proceeds of the policy to be included in decedent's gross estate.
1Opinion of the Court
Wilbur, Judge:
Respondent determined a deficiency in the amount of $19,914.43 in the estate tax of the Estate of Alfred Dimen. This deficiency was based on the omission from the gross estate of decedent Alfred Dimen of life insurance proceeds in the amount of $66,867.56, under section 2042(2).1
Other issues having been settled, we are asked to decide only one question:
Whether Bay Shore, decedent’s solely owned corporation, possessed any section 2042(2) incidents of ownership in a life insurance policy on decedent’s life sufficient to warrant the inclusion of the proceeds, payable to decedent’s…
2Cases cited8 opinions
- United States v. Rhode Island Hospital Trust CompanyCourt of Appeals for the First Circuit · 1966
- Estate of James H. Lumpkin, Jr., Deceased. Christine T. Hamilton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1973
- Schwager v. CommissionerUnited States Tax Court · 1975
- Estate of Lumpkin v. CommissionerUnited States Tax Court · 1971
- Karagheusian v. CommissionerUnited States Tax Court · 1955
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Estate of Carlstrom v. CommissionerUnited States Tax Court · 1981
- Hunter v. United StatesDistrict Court, W.D. Missouri · 1979
- Estate of Carlstrom v. CommissionerUnited States Tax Court · 1981
- Estate of Dimen v. CommissionerUnited States Tax Court · 1979