Estate of Showers v. Commissioner
United States Tax Court
1. Petitioners' decedent in 1938 irrevocably assigned four insurance policies on his life to his wife. At the end of 1942 he transferred by gift to his wife his community one-half interest in certain oil leases. Until 1943 decedent paid the premiums on the policies. From 1943 to his death in 1946, premiums on such policies were paid with income derived from the property transferred by him to his wife.
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1. Petitioners' decedent in 1938 irrevocably assigned four insurance policies on his life to his wife. At the end of 1942 he transferred by gift to his wife his community one-half interest in certain oil leases. Until 1943 decedent paid the premiums on the policies. From 1943 to his death in 1946, premiums on such policies were paid with income derived from the property transferred by him to his wife. Held, premiums paid in 1943 and thereafter were indirectly paid by decedent and the amount received on such policies at death attributable to such premiums is includible in decedent's gross…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The first question to be determined is whether the Commissioner erred in increasing by the amount of $30,833.34 the value of $15,541.66 reported in the estate tax return of four insurance policies on the life of the decedent.
By section 404 (a) of the Revenue Act of 1942, effective October 21, 1942, section 811 (g) (2) of the Internal Revenue Code was amended to provide, in part, that proceeds of life insurance shall be included in the value of the gross estate of decedent receivable by all beneficiaries, other than the executor or administrator of decedent, to the…
2Cases cited29 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Porter v. CommissionerSupreme Court of the United States · 1933
- Hopkins v. BaconSupreme Court of the United States · 1930
- United States v. JacobsSupreme Court of the United States · 1939
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3Cited by12 opinions
- United States v. O'MALLEYSupreme Court of the United States · 1966
- John J. Round, Jr., Executors v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1964
- Selling v. CommissionerUnited States Tax Court · 1955
- Loeb v. CommissionerUnited States Tax Court · 1957
- Ford v. KavanaughDistrict Court, E.D. Michigan · 1952
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