Estate of Montgomery v. Comm'r
United States Tax Court
Decedent purchased an annuity for $ 2,200,000 and established irrevocable trusts for his beneficiaries. By purchase of the annuity, decedent became entitled, without physical examination, to purchase or to permit the purchase by the trusts of an aggregate amount of insurance on his life of $ 2 million.
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Decedent purchased an annuity for $ 2,200,000 and established irrevocable trusts for his beneficiaries. By purchase of the annuity, decedent became entitled, without physical examination, to purchase or to permit the purchase by the trusts of an aggregate amount of insurance on his life of $ 2 million. He permitted the purchase thereof by the two trusts making a simultaneous gift of cash to each in the amount of the premiums on such life insurance and paying gift tax thereon. The proceeds of the insurance were received by the trusts upon the death of decedent but were not included in his…
1Opinion of the Court
Withey, Judge:
A deficiency in estate tax has been determined by the Commissioner against petitioner in the amount of $1,761,556.35. Decedent, Lafayette Montgomery, died October 31,1964.
Tho primary issue herein is whether under section 2039,1.11.0. 1954, the proceeds of two alleged life insurance policies are to be included in decedent’s gross estate in computing tho estate tax thereon. An alternative issue raised under section 2035 is not reached herein. Certain other issues raised by the pleadings have been settled by the parties by stipulation which will be given effect under Rule 50.
FINDING…
2Cases cited11 opinions
- Helvering v. Le GierseSupreme Court of the United States · 1941
- Ritter v. Mutual Life Ins. Co. of NYSupreme Court of the United States · 1898
- Estate of Keller v. CommissionerSupreme Court of the United States · 1941
- Fidelity-Philadelphia Trust Co. v. SmithSupreme Court of the United States · 1958
- Helvering v. TylerCourt of Appeals for the Eighth Circuit · 1940
6 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Lafayette Montgomery, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1972
- Moseley v. CommissionerUnited States Tax Court · 1979
- Estate of Albert Strangi v. CommissionerUnited States Tax Court · 2000
- Estate of Montgomery v. Comm'rUnited States Tax Court · 1971
- Estate of Strangi v. CommissionerUnited States Tax Court · 2000
2 more not listed; retrieve them via the Exa API.