Raymond v. Commissioner
United States Board of Tax Appeals
1. Securities transferred to charitable institutions promising to pay annuities which could have been purchased from insurance companies for less than the value of the property transferred, held, in part consideration paid for annuities and in part gifts. 2. So much of the amount transferred to charitable institutions as insurance companies would have charged for annuities promised by the institutions, held, the consideration paid for the annuities. 3. Section 22(b)(2) of…
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1. Securities transferred to charitable institutions promising to pay annuities which could have been purchased from insurance companies for less than the value of the property transferred, held, in part consideration paid for annuities and in part gifts. 2. So much of the amount transferred to charitable institutions as insurance companies would have charged for annuities promised by the institutions, held, the consideration paid for the annuities. 3. Section 22(b)(2) of the Revenue Act of 1934, imposing a tax upon annuities up to 3 percent of the consideration paid therefore, held…
1Opinion of the Court
*246OPINION.
Steenhagen :
1. The petitioner omitted from gross income the annuities which she received, her theory being that she had not yet recovered her capital. The Commissioner determined that only part of the value of the securities transferred to the institutions was “consideration paid” for the annuities, and that since the amounts received by petitioner aggregated more than the “consideration paid” as he had computed it, the excess was taxable gain, Eevenue Act of 1932, sec. 22 (b) (2); Revenue Act of 1934, sec. 22 (b) (2). He treats the excess over the consideration paid as a charitable…
2Cases cited5 opinions
- Towne v. EisnerSupreme Court of the United States · 1918
- Burnet v. LoganSupreme Court of the United States · 1931
- Bogardus v. CommissionerSupreme Court of the United States · 1937
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Simpson v. United StatesSupreme Court of the United States · 1920
3Cited by17 opinions
- Jordan v. CommissionerUnited States Tax Court · 1973
- Estate of Bell v. CommissionerUnited States Tax Court · 1973
- James Richard Bowden v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1956
- Nourse v. RiddellDistrict Court, S.D. California · 1956
- Commissioner of Internal Revenue v. Kann's EstateCourt of Appeals for the Third Circuit · 1949
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