Carleton v. Commissioner
United States Board of Tax Appeals
Where decedent during his lifetime took out certain insurance policies on his own life, payable to a trustee without naming the beneficiary, the attempted trust failed for failure to name a beneficiary certain in the declaration of trust.
Read the full summary
Where decedent during his lifetime took out certain insurance policies on his own life, payable to a trustee without naming the beneficiary, the attempted trust failed for failure to name a beneficiary certain in the declaration of trust. Where express trust which insured attempted to create by making life policies payable to a trustee fails because of want of a named beneficiary, a resulting trust arises in favor of donor, and the proceeds of such insurance policies are includable as a part of decedent's gross estate under the first clause of section 302(g), Revenue Act of 1926, as amended,…
1Opinion of the Court
*68OPINION.
Black:
The following provisions of the Revenue Act of 1926, as amended, are applicable to this proceeding:
Sec. 302. The value of the gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated—(a) To the extent of the interest therein of the decedent at the time of his death. * * *(g) To the extent of the amount receivable by the executor as insurance under policies taken out by the decedent upon his own life; and to the extent of the excess over $40,000 of the amount…
2Cases cited1 opinion
- Kendrick v.RayMassachusetts Supreme Judicial Court · 1899
3Cited by1 opinion
- Carleton v. CommissionerUnited States Board of Tax Appeals · 1938