Estate of Benjamin v. Commissioner
United States Tax Court
The husband of the individual petitioner herein was an employee participant of a trusteed pension plan which was funded entirely by the purchase of annuity policies. In 1957, the pension trust was terminated and the annuity policies assigned to the individual employees.
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The husband of the individual petitioner herein was an employee participant of a trusteed pension plan which was funded entirely by the purchase of annuity policies. In 1957, the pension trust was terminated and the annuity policies assigned to the individual employees. Petitioner's husband commenced the receipt of monthly annuity payments pursuant to the terms of the annuity policy in November 1960. In February 1961, after receiving four monthly installments, petitioner's husband died. Petitioner's husband reached normal retirement age in 1955 but did not retire prior to his death in 1961.…
1Opinion of the Court
OPINION
Fat, Judge:
Respondent determined a deficiency of $9,838.18 in the income tax of petitioners for taxable year 1961. The issues presented for decision are (1) whether petitioners are entitled to capital gains treatment upon the surrender of an annuity policy and receipt of the balance payable in a lump sum (under section 402 or section 403 of the Internal Revenue Code of 1954)1 and (2) whether petitioners are entitled to a $5,000 exclusion from income under section 101 (b).
All of the facts have been stipulated and are found accordingly. The stipulations of facts and exhibits attached…
2Cases cited3 opinions
- United States v. Jefferson Electric Manufacturing Co.Supreme Court of the United States · 1934
- Powell v. RothensiesCourt of Appeals for the Third Circuit · 1950
- Russell v. CommissionerUnited States Tax Court · 1966
3Cited by3 opinions
- Estate of Jack A. Benjamin, Deceased, John F. Benjamin, Co-Executor and Alice U. Benjamin v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1972
- Estate of Benjamin v. CommissionerUnited States Tax Court · 1970
- Estate of Jack A. Benjamin, Deceased, John F. Benjamin, Co-Executor and Alice U. Benjamin v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1972