Old Point Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. The decedent, more than two years before his death and not in contemplation of death, assigned all of his right, title, and interest in and to certain life insurance policies upon his own life to a trustee for the benefit of his three children. held, that the proceeds of the policies paid to the trustee upon decedent's death are not includable in the gross estate. 2. Where the decedent had up to the date of his death legal incidents of ownership in certain life insurance…
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1. The decedent, more than two years before his death and not in contemplation of death, assigned all of his right, title, and interest in and to certain life insurance policies upon his own life to a trustee for the benefit of his three children. held, that the proceeds of the policies paid to the trustee upon decedent's death are not includable in the gross estate. 2. Where the decedent had up to the date of his death legal incidents of ownership in certain life insurance policies upon his life, such as the right to borrow money upon the security of the policies, the right to receive…
1Opinion of the Court
THE OLD POINT NATIONAL BANK, SOLE REMAINING EXECUTOR OF THE ESTATE OF LEONARD M. NEWCOMB, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Old Point Nat'l Bank v. Commissioner
Docket No. 89283.
United States Board of Tax Appeals
39 B.T.A. 343; 1939 BTA LEXIS 1046;
February 7, 1939, Promulgated
1. The decedent, more than two years before his death and not in contemplation of death, assigned all of his right, title, and interest in and to certain life insurance policies upon his own life to a trustee for the benefit of his three children. held, that the proceeds of the policies…
2Cases cited1 opinion
- Old Point Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1939