Noel v. Commissioner
United States Tax Court
1. Proceeds of so-called flight or accident insurance paid to beneficiary upon death of airline passenger held includable in decedent's gross estate as "insurance under policies on the life of the decedent."
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1. Proceeds of so-called flight or accident insurance paid to beneficiary upon death of airline passenger held includable in decedent's gross estate as "insurance under policies on the life of the decedent." Sec. 2042(2), I.R.C. 1954. Leopold Ackerman, 15 B.T.A. 635, followed. 2. Decedent's right to change beneficiary in such policies held not destroyed by delivery of the policies to beneficiary in the circumstances of this case; decedent had requisite incident of ownership within section 2042(2).
1Opinion of the Court
OPINION.
Raum, Judge:
The $125,000 proceeds of the two insurance policies were paid over to the decedent’s widow as a consequence of his death. The issue before us is whether such proceeds were includable in his gross estate under section 2042 of the Internal Revenue Code of 1954 which provides:
The value of the gross estate shall include the value of all property—
*******(2) Receivable by other beneficiaries. — To the extent of the amount receivable by all other beneficiaries as insurance under policies on the life of the decedent with respect to which the decedent possessed at his death any of…
2Cases cited20 opinions
- United States v. Security Trust & Savings BankSupreme Court of the United States · 1950
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Hurd v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1947
- Hurd v. CommissionerUnited States Tax Court · 1946
- Katzman v. Ætna Life InsuranceNew York Court of Appeals · 1955
15 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Commissioner v. Estate of NoelSupreme Court of the United States · 1965
- John J. Round, Jr., Executors v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1964
- Fuchs v. CommissionerUnited States Tax Court · 1966
- Gorman v. United StatesDistrict Court, E.D. Michigan · 1968
- Fuchs v. CommissionerUnited States Tax Court · 1966
1 more not listed; retrieve them via the Exa API.