Glassner v. Commissioner
United States Tax Court
Held, that payments made by Glassner in 1958, 1959, and 1960, pursuant to his written agreements to secure creditors Gerhardt and Goodman by obtaining certain life insurance policies on his life and paying the premiums thereon, are not deductible because Glassner was "directly or indirectly" benefited by the payments within the meaning of section 264(a)(1), I.R.C. 1954. Glassner's estate would have benefited if he had died, since the proceeds of the policies would have…
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Held, that payments made by Glassner in 1958, 1959, and 1960, pursuant to his written agreements to secure creditors Gerhardt and Goodman by obtaining certain life insurance policies on his life and paying the premiums thereon, are not deductible because Glassner was "directly or indirectly" benefited by the payments within the meaning of section 264(a)(1), I.R.C. 1954. Glassner's estate would have benefited if he had died, since the proceeds of the policies would have reduced the debts to the two creditors. Whether the premium payments otherwise qualified as a deductible business, or any…
1Opinion of the Court
Train, Judge:
Respondent determined deficiencies in the petitioners’ income taxes for the years and in the amounts as follows:
1958- $1,502.70
1959- 1,946.26
1960- 1, 903. 85
The sole issue for decision is whether respondent erred in determining that certain life insurance premiums paid by petitioner Richard M. Glassner were not deductible because of the provisions of section 264(a) (1) of the Internal Revenue Code of 1954.1
FINDINGS OP FACT
Some of the facts have been stipulated and the stipulation of facts, together with the exhibits attached thereto, is incorporated herein by this reference.
Petiti…
2Cases cited7 opinions
- Rieck v. HeinerCourt of Appeals for the Third Circuit · 1928
- Klein v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1936
- Klein v. CommissionerUnited States Board of Tax Appeals · 1934
- Parker v. CommissionerUnited States Board of Tax Appeals · 1928
- Barron v. CommissionerUnited States Board of Tax Appeals · 1929
2 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Neonatology Assocs., P.A. v. Comm'rUnited States Tax Court · 2000
- Rodney v. Comm'rUnited States Tax Court · 1969
- Carbine v. CommissionerUnited States Tax Court · 1984
- John D. Carbine and Eleanor W. Carbine v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1985
- D'Angelo Assoc., Inc. v. CommissionerUnited States Tax Court · 1978
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