Chemical Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Decedent during his lifetime purchased, for lump sum payments, two certain annuity contracts. The annuities were payable to decedent as long as he should live and at his death were payable to his wife during the term of her life if she should survive him. The annuity contracts were irrevocable. The wife survived decedent. Held, the commuted value of the annuities payable to decedent's wife should not be included as a part of decedent's gross estate.
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1. Decedent during his lifetime purchased, for lump sum payments, two certain annuity contracts. The annuities were payable to decedent as long as he should live and at his death were payable to his wife during the term of her life if she should survive him. The annuity contracts were irrevocable. The wife survived decedent. Held, the commuted value of the annuities payable to decedent's wife should not be included as a part of decedent's gross estate. Guaranty Trust Co. of New York, Executor,16 B.T.A. 314, distinguished. 2. Decedent during his lifetime purchased an investment annuity…
1Opinion of the Court
CHEMICAL BANK & TRUST COMPANY AND JOHN G. SAXE, AS EXECUTORS OF THE ESTATE OF FRANK J. SAXE, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chemical Bank & Trust Co. v. Commissioner
Docket No. 79276.
United States Board of Tax Appeals
37 B.T.A. 535; 1938 BTA LEXIS 1016;
March 29, 1938, Promulgated
1. Decedent during his lifetime purchased, for lump sum payments, two certain annuity contracts. The annuities were payable to decedent as long as he should live and at his death were payable to his wife during the term of her life if she should survive him. The annuity contracts…
2Cases cited4 opinions
- Hassett v. WelchSupreme Court of the United States · 1938
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Chemical Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Old Colony Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938