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
OPINION.
Smith :
This proceeding is for the redetermination of a deficiency in estate tax of $20,190.31.
The decedent, Leonard M. Newcomb, died testate on January 30, 1935, at the age of 57. The estate tax return filed by the executor on behalf of decedent’s estate showed a gross estate, consisting principally of real estate and stocks and bonds, of $167,630.42 and a net estate of $161,724.16. In his determination of the deficiency herein the respondent has added to the net estate $140,737.02 representing the value of certain life insurance policies on decedent’s life; $3,823 representing…
2Cases cited3 opinions
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Penn Mutual Life Insurance v. LedererSupreme Court of the United States · 1920
- Lederer v. Penn Mut. Life Ins.Court of Appeals for the Third Circuit · 1919
3Cited by7 opinions
- Schwager v. CommissionerUnited States Tax Court · 1975
- Estate of John J. Connelly, Sr. (Deceased) and Ellen C. King v. United StatesCourt of Appeals for the Third Circuit · 1977
- Central Hanover Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1939
- Mason v. CommissionerUnited States Board of Tax Appeals · 1941
- Old Point Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1939
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