Thompson v. Commissioner
United States Board of Tax Appeals
ESTATE TAX - GROSS ESTATE - INSURANCE POLICIES - SECTION 302(g), REVENUE ACT OF 1926. - The proceeds of an endowment policy of insurance taken out by the decedent prior to the estate tax act, which were payable to him in case he lived to the maturity date of the policy, but were payable to his wife if he died before that date survived by her, are not to be included in his gross estate under section 302(g) of the Revenue Act of 1926, where he retained none of the incidents of…
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ESTATE TAX - GROSS ESTATE - INSURANCE POLICIES - SECTION 302(g), REVENUE ACT OF 1926. - The proceeds of an endowment policy of insurance taken out by the decedent prior to the estate tax act, which were payable to him in case he lived to the maturity date of the policy, but were payable to his wife if he died before that date survived by her, are not to be included in his gross estate under section 302(g) of the Revenue Act of 1926, where he retained none of the incidents of ownership.
1Opinion of the Court
*904OPINION.
Murdock :
Section 302 (g) of the Revenue Act of 1926 provides that the value of the gross estate of a decedent shall be determined by including the .excess over $40,000 of the amount receivable by all beneficiaries other than the decedent’s estate as insurance under policies taken out by the decedent upon his own life. The policies here in question were all taken out by the decedent upon his own life, and the amount receivable by his wife in excess of $40,000 has been included in the gross estate of the, decedent under section 302 (g). The proceeds of the policies come within the words…
2Cases cited24 opinions
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- May v. HeinerSupreme Court of the United States · 1930
- Central Bank of Washington v. HumeSupreme Court of the United States · 1888
19 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Bodell v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1943
- Cain v. CommissionerUnited States Board of Tax Appeals · 1941
- Phipps v. CommissionerUnited States Board of Tax Appeals · 1941
- Thompson v. CommissionerUnited States Board of Tax Appeals · 1940