Atkins v. Commissioner
United States Tax Court
1. Several years prior to decedent's death a partnership, of which he was a member, took out policies of insurance in the aggregate amount of $ 200,000 on the joint lives of decedent and one of his partners. The partnership paid the premiums and was named as beneficiary in all of the policies.
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1. Several years prior to decedent's death a partnership, of which he was a member, took out policies of insurance in the aggregate amount of $ 200,000 on the joint lives of decedent and one of his partners. The partnership paid the premiums and was named as beneficiary in all of the policies. Prior to decedent's death the partners agreed that the proceeds should constitute a part of the assets of the co-partnership and be applied to liquidate any indebtedness which might be owing by it. Following decedent's death the proceeds were paid to a partnership creditor. In the estate tax return the…
1Opinion of the Court
OPINION.
Mellott, Judge:
The first issue requires determination of the treatment to be accorded the proceeds of insurance collected by the partner-spondeni- contends that the decedent’s interest in the insurance pro-ship of which decedent was a member at the time of his death. Re-ceeds reflected in the value of his interest in the partnership, which amounted to $79,985.82, is includible in his gross estate as a part of the value of his interest in the partnership at the time of his death. Petitioner contends that this amount should be excluded from the value of the partnership interest and…
2Cases cited3 opinions
- Helvering v. GowranSupreme Court of the United States · 1937
- Bank v. Carrollton RailroadSupreme Court of the United States · 1871
- Bank of the United States v. WhiteSupreme Court of the United States · 1834
3Cited by8 opinions
- Estate of Smith v. CommissionerUnited States Tax Court · 1972
- Adler v. NicholasCourt of Appeals for the Tenth Circuit · 1948
- Stapf v. United StatesDistrict Court, N.D. Texas · 1960
- Knipp v. CommissionerUnited States Tax Court · 1955
- In re the Estate of MasonNew York Surrogate's Court · 1968
3 more not listed; retrieve them via the Exa API.