Hirsch v. Commissioner
United States Tax Court
Decedent's gross estate for Federal tax purposes consisted of assets of a value of $ 26,404.15 held in decedent's own name, personal property of a value of $ 235,990.30 held in the joint names of decedent and his wife, and insurance on decedent's life in the face amount of $ 14,200.16. From these assets the executrices of decedent's estate paid funeral and administration expenses and debts of the decedent in the total amount of $ 62,585.23, including arrears in income taxes…
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Decedent's gross estate for Federal tax purposes consisted of assets of a value of $ 26,404.15 held in decedent's own name, personal property of a value of $ 235,990.30 held in the joint names of decedent and his wife, and insurance on decedent's life in the face amount of $ 14,200.16. From these assets the executrices of decedent's estate paid funeral and administration expenses and debts of the decedent in the total amount of $ 62,585.23, including arrears in income taxes and interest thereon in the amounts of $ 40,957.23 and $ 12,202.68 owed by the decedent to the Federal and state…
1Opinion of the Court
OPINION..
ARItndell, Judge:
The sole issue in this case is whether property jointly owned by decedent and his wife, and the proceeds of insurance policies taken out by decedent on his life, in which his wife was named as the sole beneficiary, which assets were properly included in the decedent’s gross estate for Federal estate tax purposes, may be treated as “property subject to claims” in determining the allowable deductions under section 812 (b) of the Internal Revenue Code.*
Prior to the enactment of section 405 (a) of the Revenue Act of 1942, which amended section 812 (b) to read in its…
2Cases cited4 opinions
- Ga Nun v. . PalmerNew York Court of Appeals · 1916
- In Re the Transfer Tax Upon the Estate of McKelwayNew York Court of Appeals · 1917
- Degnan v. General Accident, Fire & Life Assurance Corp. of Perth, ScotlandNew York Court of Appeals · 1917
- Belfanc v. BelfancNew York Court of Appeals · 1938
3Cited by8 opinions
- Slocum v. CommissionerUnited States Tax Court · 1954
- Lande v. CommissionerUnited States Tax Court · 1954
- Weber v. CommissionerUnited States Tax Court · 1958
- Estate of Philip S. Reichers v. CommissionerUnited States Tax Court · 1950
- Hirsch v. CommissionerUnited States Tax Court · 1950
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