Kinnear v. Commissioner
United States Board of Tax Appeals
The petitioner was the beneficiary under certain insurance policies under the terms of which the insurer was annually to pay to her 3 per cent interest and apportioned dividends on the face value of the policies, and on her death the principal sum was to be paid to other beneficiaries. Held that annual payment to petitioner is properly includable in gross income. (Section 213(b)(1), Revenue Act of 1926.)
1Opinion of the Court
*719OPINION.
Black :
The question involved in this proceeding is how to treat for income-tax purposes the $2,454 received by the petitioner in 1926 from the Northwestern Mutual Life Insurance Co. as interest and dividends on the two life insurance policies described in our findings of fact.
Section 213 (b) (1) of the Revenue Act of 1926 reads as follows:(b) The term “gross income” does not include the following items, which shall be exempt from taxation under this title:(1) Amounts received under a life insurance contract paid by reason of the death of the insured, whether in a single sum or in…
2Cited by7 opinions
- United States v. HeilbronerDistrict Court, S.D. New York · 1938
- Allis v. La BuddeDistrict Court, E.D. Wisconsin · 1941
- Heyser v. CommissionerUnited States Tax Court · 1944
- Kinnear v. CommissionerUnited States Board of Tax Appeals · 1930
- Pan-American Life Ins. Co. v. Commissioner (A)United States Board of Tax Appeals · 1938
2 more not listed; retrieve them via the Exa API.