Ostrov v. Commissioner
United States Tax Court
Petitioner applied for and received a policy of life insurance upon the life of her former husband prior to their divorce. She thereafter entered into an agreement with him that he would pay the premiums on the life insurance policy by borrowings, using the policy as collateral, such borrowings to always exceed the cash surrender value of the policy. The former husband also agreed to bequeath petitioner $ 150,000 by his will.
Read the full summary
Petitioner applied for and received a policy of life insurance upon the life of her former husband prior to their divorce. She thereafter entered into an agreement with him that he would pay the premiums on the life insurance policy by borrowings, using the policy as collateral, such borrowings to always exceed the cash surrender value of the policy. The former husband also agreed to bequeath petitioner $ 150,000 by his will. The $ 150,000 so bequeathed was to be lessened by any amount received by petitioner by way of life insurance proceeds. Respondent had determined a deficiency based upon…
1Opinion of the Court
Harold Ostrov and Rena Ostrov (now Rena Soifer), Petitioners v. Commissioner of Internal Revenue, Respondent
Ostrov v. Commissioner
Docket No. 2700-68
United States Tax Court
53 T.C. 361; 1969 U.S. Tax Ct. LEXIS 15;
December 1, 1969, Filed
Decision will be entered for the petitioners.
Petitioner applied for and received a policy of life insurance upon the life of her former husband prior to their divorce. She thereafter entered into an agreement with him that he would pay the premiums on the life insurance policy by borrowings, using the policy as collateral, such borrowings to always exceed the…
2Cases cited9 opinions
- Carmichael v. CommissionerUnited States Tax Court · 1950
- Walsh v. Comm'rUnited States Tax Court · 1954
- Weil v. CommissionerUnited States Tax Court · 1954
- Stewart v. CommissionerUnited States Tax Court · 1947
- Blumenthal v. CommissionerUnited States Tax Court · 1949
4 more not listed; retrieve them via the Exa API.