Thornley v. Commissioner
United States Tax Court
1. Petitioner surrendered several endowment policies prior to their maturities and elected to receive the cash surrender values in equal installments over 20 years and 10 years, respectively.
Read the full summary
1. Petitioner surrendered several endowment policies prior to their maturities and elected to receive the cash surrender values in equal installments over 20 years and 10 years, respectively. Under the facts it is held, that the receipts in the taxable year were not annuity receipts within the intendment of section 22 (b) (2) of the Revenue Act of 1936, and no part of the amounts received in the taxable year are includable in gross income. 2. Petitioner was a member of a copartnership. Prior to the taxable year the copartnership ended its business, which was taken over by a newly formed…
1Opinion of the Court
OPINION.
HaeRon, Judge:
Issue 1. — The question arises under section 22 (b) (2) of the Revenue Act of 1936.1 See respondent’s regulation construing this section.2 Petitioner received payments from insurance companies in the taxable year under an arrangement whereby he is to-receive periodical payments during a limited number of years. Respondent has determined that the payments received in the taxable year are annuities. The broad question under-this issue is whether the payments are annuities within the meaning which the Congress has intended that term to have in section 22 (b) (2).
The term…
2Cases cited5 opinions
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Commonwealth v. Metropolitan Life InsuranceSupreme Court of Pennsylvania · 1916
- Barber's EstateSupreme Court of Pennsylvania · 1931
- State Ex Rel. Thornton v. Probate CourtSupreme Court of Minnesota · 1932
- Keiper v. United Zion HomeSuperior Court of Pennsylvania · 1932
3Cited by33 opinions
- Ford v. Comm'rUnited States Tax Court · 1946
- Lazarus v. CommissionerUnited States Tax Court · 1972
- Thornley v. Commissioners of Internal RevenueCourt of Appeals for the Third Circuit · 1945
- Lehman v. CommissionerUnited States Tax Court · 1946
- Pierce v. CommissionerUnited States Tax Court · 1943
28 more not listed; retrieve them via the Exa API.