E. T. Slider, Inc. v. Commissioner
United States Tax Court
1. Right of petitioner to proceeds of three insurance policies, transferred to it by one of its officers who died in 1939, was questioned by the decedent's widow. The insurance company refused to release the proceeds until 1940, when litigation instigated by the widow was settled and she withdrew her claim to the insurance proceeds.
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1. Right of petitioner to proceeds of three insurance policies, transferred to it by one of its officers who died in 1939, was questioned by the decedent's widow. The insurance company refused to release the proceeds until 1940, when litigation instigated by the widow was settled and she withdrew her claim to the insurance proceeds. Held, petitioner, on the accrual basis, properly refrained from accruing the taxable proceeds of these policies as income in 1939, and correctly included them in income for 1940. 2. The proceeds of the three insurance policies referred to in the preceding headnote…
1Opinion of the Court
OPINION.
Mellott, Judge:
Respondent determined deficiencies in income, declared value excess profits, and excess profits taxes for the calendar year 1940 in the respective amounts of $5,927.73, $3,642, and $3,336.93. and a deficiency in excess profits taxes for the calendar year 1941 in the amount of $12,237.74. Some of the adjustments to income are not contested.
The questions presented are: (1) Were the taxable proceeds of insurance policies on the life of petitioner’s former president accruable as income to petitioner in the year 1939 or the year 1940 ?(2) Do the insurance proceeds constitute…
2Cases cited5 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Burnet v. LoganSupreme Court of the United States · 1931
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Premier Products Co. v. CommissionerUnited States Tax Court · 1943
3Cited by21 opinions
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- James F. Waters, Inc. v. Commissioner of Internal Rev.Court of Appeals for the Ninth Circuit · 1947
- Primas Groves, Inc. v. CommissionerUnited States Tax Court · 1950
- McRitchie v. CommissionerUnited States Tax Court · 1956
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