Morse v. Commissioner
United States Board of Tax Appeals
After certain 20-payment life insurance policies had been fully paid up the insured designated beneficiaries "without power of revocation." Thereafter, the insurance company became involvent and receivers were appointed by the court. Held, the cash surrender value of the policies is not deductible from the income of the insured as a loss under section 23(e), Revenue Act of 1932.
1Opinion of the Court
*401OPINION.
Harron :
All of the policies here in question were originally issued payable to the “Estate of the Insured”, petitioner (the insured) reserving the right of revocation.
On June 24, 1932, more than two years after the policies had been fully paid up, the petitioner surrendered his reserved right of revocation and irrevocably designated his son, John, as beneficiary under policies Nos. 4269 and 4270, and his daughter, Barbara Joan, as beneficiary under policies Nos. 2190 and 4268. From that time on John and Barbara Joan unquestionably had a vested interest in the respective policies which…
2Cases cited4 opinions
- Blum v. New York Life InsuranceSupreme Court of Missouri · 1906
- Missouri State Life Insurance v. California State BankMissouri Court of Appeals · 1919
- D'Arcy v. Mutual Life Ins.Tennessee Supreme Court · 1902
- Timayenis v. Union Mutual Life Ins.U.S. Circuit Court for the District of Southern New York · 1884
3Cited by1 opinion
- Morse v. CommissionerUnited States Board of Tax Appeals · 1938