Estate of Skifter v. Commissioner
United States Tax Court
1. More than 3 years prior to his death decedent assigned all interest in nine insurance policies on his life to his wife. The wife died, and under her will the insurance policies were placed in a testamentary trust of which decedent was named trustee. Under the terms of the wife's will decedent, as trustee, was given broad powers in respect of the corpus of the trust, but none of these powers could be exercised for his own benefit.
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1. More than 3 years prior to his death decedent assigned all interest in nine insurance policies on his life to his wife. The wife died, and under her will the insurance policies were placed in a testamentary trust of which decedent was named trustee. Under the terms of the wife's will decedent, as trustee, was given broad powers in respect of the corpus of the trust, but none of these powers could be exercised for his own benefit. Held, at the time of his death decedent possessed no "incidents of ownership" in the nine life insurance policies, and the proceeds were therefore not includable…
1Opinion of the Court
OPINION
Naum, Judge:
The Commissioner determined a deficiency in the estate tax of the Estate of Hector K>. Skifter in the amount of $53,-776.77. Two issues remain for decision with respect to that deficiency: (1) Whether decedent possessed sufficient incidents of ownership in nine insurance policies on his life to render the amounts receivable by the beneficiaries under the policies includable in decedent’s gross estate pursuant to section 2042(2), I.K.C. 1954; and, (2) whether the value of all the property in three trusts created by the decedent is includable in his gross estate under section…
2Cases cited14 opinions
- Porter v. CommissionerSupreme Court of the United States · 1933
- United States v. O'MALLEYSupreme Court of the United States · 1966
- United States v. Rhode Island Hospital Trust CompanyCourt of Appeals for the First Circuit · 1966
- Industrial Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the First Circuit · 1947
- Estate of Budlong v. CommissionerUnited States Tax Court · 1946
9 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Sue Ann Hunter, Marie Joyce Kotsonis, L. Fargo Richardson and the L. F. Richardson Foundation v. The United States of AmericaCourt of Appeals for the Eighth Circuit · 1980
- Estate of Skifter v. CommissionerCourt of Appeals for the Second Circuit · 1972
- Estate of Bloch v. CommissionerUnited States Tax Court · 1982
- Estate of Dawson v. CommissionerUnited States Tax Court · 1972
- Estate of Silverman v. CommissionerUnited States Tax Court · 1973
11 more not listed; retrieve them via the Exa API.