Industrial Trust Co. v. United States

Petitioners, as executors of the estate of William M. Greene, who died in 1930, filed an estate-tax return and paid the amount of the federal estate tax disclosed thereby. A paid-up life-insurance policy of $42,000 was omitted from the return. The Commissioner of Internal Revenue declared a deficiency and included the amount of this policy in the gross estate. Petitioners filed a claim for refund, which was rejected by the commissioner. Thereupon, this proceeding was brought- in the Court of Claims to recover the amount of the claim. That court held against the right to recover and dismissed…