Cronin v. Commissioner
United States Board of Tax Appeals
In 1933 the petitioner took out two single premium insurance policies on his life, naming his daughter as beneficiary. On December 30, 1935, he irrevocably named his daughter or her executors or administrators as beneficiaries and relinquished all rights, privileges, and incidents of ownership in the policies.
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In 1933 the petitioner took out two single premium insurance policies on his life, naming his daughter as beneficiary. On December 30, 1935, he irrevocably named his daughter or her executors or administrators as beneficiaries and relinquished all rights, privileges, and incidents of ownership in the policies. He made a gift tax return for 1935, reporting therein as the value of the policies their cash surrender value on December 30, 1935. held, that the value of cash policy on December 30, 1935, for gift tax purposes was the cash surrender value on that date.
1Opinion of the Court
ERNEST A. CRONIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cronin v. Commissioner
Docket No. 88279.
United States Board of Tax Appeals
37 B.T.A. 914; 1938 BTA LEXIS 969;
May 19, 1938, Promulgated
In 1933 the petitioner took out two single premium insurance policies on his life, naming his daughter as beneficiary. On December 30, 1935, he irrevocably named his daughter or her executors or administrators as beneficiaries and relinquished all rights, privileges, and incidents of ownership in the policies. He made a gift tax return for 1935, reporting therein as the value of the…
2Cases cited1 opinion
- Cronin v. CommissionerUnited States Board of Tax Appeals · 1938