Guaranty Trust Co. v. Commissioner
United States Board of Tax Appeals
1. ESTATES - LIFE INSURANCE POLICIES. - Where beneficiary or assignee of policy was designated with proviso, if she survive the insured, held, such designation was not contingent and death of insured did not cause cessation of an interest subject to estate tax.
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1. ESTATES - LIFE INSURANCE POLICIES. - Where beneficiary or assignee of policy was designated with proviso, if she survive the insured, held, such designation was not contingent and death of insured did not cause cessation of an interest subject to estate tax. Bingham v. United States,296 U.S. 211. 2. Id. - Where insured did not reserve right to change the assignee, his wife, and under laws of New York, where contract of insurance was executed, her consent was necessary to the insured's exercise of any of the benefits under the policies, held, insured did not have, at death, any incidents of…
1Opinion of the Court
OPINION.
Tyson :
Petitioners, the duly qualified and acting executors of the estate of David L. Lustig, deceased, who died in November 1929, seek a redetermination of the deficiency of $2,387.69 in estate tax asserted by respondent.
The sole issue is whether respondent, in determining the value of the decedent’s gross estate, erred in including therein the proceeds of three life insurance policies, under section 302 (g) and (h) of *1226the Revenue Act o.f 1926.1 No issue has been raised as to the correctness of the amounts representing the proceeds of the three policies paid to the decedent’s…
2Cases cited12 opinions
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- New York Mutual Life Insurance v. ArmstrongSupreme Court of the United States · 1886
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Becker v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Northwestern Mutual Life Insurance v. McCueSupreme Court of the United States · 1912
7 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Cain v. CommissionerUnited States Board of Tax Appeals · 1941
- Central Hanover Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1939
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Helvering v. HallockSupreme Court of the United States · 1940
- Thompson v. CommissionerUnited States Board of Tax Appeals · 1940