Jones v. Commissioner
United States Tax Court
1. Insured, prior to his death, made an election that payments to beneficiary under life insurance policy be made in 180 monthly installments of $ 106.80. After insured's death beneficiary received these payments for nearly 5 years, and then arranged with insurer for the termination of the life insurance policy and the issuance of a new annuity policy providing for payments of $ 44.98 per month for 120 months and thereafter as long as he lived.
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1. Insured, prior to his death, made an election that payments to beneficiary under life insurance policy be made in 180 monthly installments of $ 106.80. After insured's death beneficiary received these payments for nearly 5 years, and then arranged with insurer for the termination of the life insurance policy and the issuance of a new annuity policy providing for payments of $ 44.98 per month for 120 months and thereafter as long as he lived. Held, payments under new policy were amounts received "as an annuity under an annuity * * * contract" and excludible from gross income only to the…
1Opinion of the Court
OPINION.
Raum, Judge:
The respondent determined deficiencies in income tax against petitioners for the years 1947 and 1948 in the amounts of $298.61 and $83.68, respectively. Petitioners claim overpayments of income tax for those years in the amounts of $46.50 and $25.32, respectively.
The issues are:(1) “Whether payments received by Clarence B. Jones from The Aetna Life Insurance Company during the years 1947 and 1948 were governed by section 22 (b) (1) of the Internal Revenue Code as “Amounts received under a life insurance contract paid by reason of the death of the insured,” or whether they…
2Cases cited10 opinions
- Leslie v. CommissionerUnited States Tax Court · 1946
- Robinson v. CommissionerUnited States Tax Court · 1943
- Grammer v. CommissionerUnited States Tax Court · 1949
- Neave v. CommissionerUnited States Tax Court · 1952
- Commissioner of Internal Revenue v. WinslowCourt of Appeals for the First Circuit · 1940
5 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- May v. CommissionerUnited States Tax Court · 1961
- Allen v. State Tax CommissionMassachusetts Supreme Judicial Court · 1958
- Clarence B. Jones and Nancy Brown Jones v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1955
- Briley v. United StatesDistrict Court, N.D. Ohio · 1960
- Zimmermann v. CommissionerUnited States Tax Court · 1955
4 more not listed; retrieve them via the Exa API.