Commissioner of Internal Revenue v. Windrow

HUTCHESON, Circuit Judge.

This petition concerns the estate tax assessed in 1933 against an insolvent estate. The contention is over the deduction at their face amount of debt claims against the estate which, though valid, could not because of insolvency be paid in full. The controversy exists because, notwithstanding the estate’s insolvency, certain life insurance in excess of $40,-000, and certain homestead property, the one not liable to the decedent’s debts because not payable to the estate, the other because exempt property, but both included by the taxing statute in the gross estate,…