Reilly v. Commissioner
United States Tax Court
The proceeds of insurance policies on the life of the decedent were payable in equal installments to the surviving spouse for life. If she were to die within 10 years the installments were to continue to be paid for the remainder of the 10 years to certain contingent beneficiaries.
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The proceeds of insurance policies on the life of the decedent were payable in equal installments to the surviving spouse for life. If she were to die within 10 years the installments were to continue to be paid for the remainder of the 10 years to certain contingent beneficiaries. Held, the right to all of the installments was one "property" within the purview of section 812 (e) (1) (B), Internal Revenue Code of 1939, and therefore, as persons other than the surviving spouse might possess or enjoy some part of the property after the termination of the interest of the surviving spouse, no…
1Opinion of the Court
OPINION.
Bruce, Judge:
The present controversy turns upon the meaning of the word “property” as used in section 812 (e) (l)1 of the Internal Revenue Code of 1939. Section 812 (e) (1) (B) provides that the value of an interest in property passing to the surviving spouse shall not qualify for the marital deduction where such interest may terminate and thereafter some other person “may possess or enjoy any part of such property,” which passes to that person from the decedent for less than the full consideration. (Emphasis supplied.)
Here the proceeds of insurance policies on the life of the…
2Cases cited4 opinions
- Commissioner of Internal Revenue v. Twogood's EstateCourt of Appeals for the Second Circuit · 1952
- Twogood v. CommissionerUnited States Tax Court · 1950
- White v. CommissionerUnited States Tax Court · 1954
- Kent Industrial Corp. v. CommissionerUnited States Tax Court · 1955
3Cited by3 opinions
- Kleinman v. CommissionerUnited States Tax Court · 1956
- Kleinman v. CommissionerUnited States Tax Court · 1956
- Reilly v. CommissionerUnited States Tax Court · 1955