Perkins v. Commissioner
United States Tax Court
1. Petitioner was married prior to 1919, and has resided continuously since that time in Texas. In 1924 he obtained a policy of life insurance upon his own life, payable to his estate. All of the premiums upon this policy were paid prior to March 8, 1939, by petitioner from community funds. On March 8, 1939, petitioner made a gift of the policy to his wife.
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1. Petitioner was married prior to 1919, and has resided continuously since that time in Texas. In 1924 he obtained a policy of life insurance upon his own life, payable to his estate. All of the premiums upon this policy were paid prior to March 8, 1939, by petitioner from community funds. On March 8, 1939, petitioner made a gift of the policy to his wife. Held, under Texas law, the cash surrender value of the policy was community property and thus the gift to the wife was only one-half of the value of the policy. Berdoll v. Berdoll, 145 S. W. (2d) 227. R. L. Blaffer, 38 B. T. A. 632; affd.…
1Opinion of the Court
OPINION.
Hill, Judge:
The Commissioner determined a deficiency of $424.60 in the gift tax of petitioner for the taxable year 1939. The principal issue is whether the total value of a certain policy of insurance upon the life of petitioner should be included in taxable gifts when he made a gift of that policy to his wife, or whether only one-half of the value should be so included. A secondary issue is whether or not petitioner is entitled to an exclusion under section 504 (b) of the Eevenue Act of 1932. All of the facts have been stipulated and as stipulated are adopted as our findings of fact.…
2Cases cited10 opinions
- Martin v. McAllisterTexas Supreme Court · 1901
- Martin v. MoranCourt of Appeals of Texas · 1895
- Jones v. JonesCourt of Appeals of Texas · 1912
- Rowlett v. MitchellCourt of Appeals of Texas · 1908
- Russell v. RussellCourt of Appeals of Texas · 1934
5 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Chase Nat'l Bank v. CommissionerUnited States Tax Court · 1955
- Roberts v. CommissionerUnited States Tax Court · 1943
- Baer v. CommissionerUnited States Tax Court · 1943
- Chase Nat'l Bank v. CommissionerUnited States Tax Court · 1955
- Fleming v. CommissionerUnited States Tax Court · 1944
3 more not listed; retrieve them via the Exa API.