Winslow v. Commissioner
United States Board of Tax Appeals
1. Annual installments of principal of life insurance received by the beneficiary after the death of the insured held exempt from income tax, Revenue Act of 1934, section 22(b)(1). 2. Amounts received by the beneficiary in addition to the principal installments of life insurance as distributions of earnings of the insurer held not exempt.
1Opinion of the Court
*375OPINION.
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The amount of $45,473.40 received by petitioner from the insurer prior to the taxable year 1934 represents 17 annual installments of $2,000 each ($34,000) and dividends of $11,473.40. No part of this had been reported by petitioner as income in the years received. Now the Commissioner determines that the commuted value of the $100,000 to be paid in 50 annual installments of $2,000 each, agreed by the parties to be $53,000, is the amount exempt from tax; that this exemption has already been applied to $45,473.40, leaving $7,526.60 still subject to the exemption; that the…
2Cited by7 opinions
- Commissioner of Internal Revenue v. WinslowCourt of Appeals for the First Circuit · 1940
- Commissioner of Internal Revenue v. BartlettCourt of Appeals for the Second Circuit · 1940
- Buck v. CommissionerUnited States Board of Tax Appeals · 1940
- Heyser v. CommissionerUnited States Tax Court · 1944
- McIntyre v. CommissionerUnited States Board of Tax Appeals · 1941
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