Friedman v. Commissioner
United States Tax Court
In 1957 one of petitioners caused an endowment insurance policy which he had purchased in October 1938 and which was to mature in October 1958 to be divided into five policies. In December 1957 he sold one of the five policies to a charitable organization for his basis therein and donated the value above his basis to the charity.
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In 1957 one of petitioners caused an endowment insurance policy which he had purchased in October 1938 and which was to mature in October 1958 to be divided into five policies. In December 1957 he sold one of the five policies to a charitable organization for his basis therein and donated the value above his basis to the charity. The charity had the insurance company transfer the policy to it on December 31, 1957, and petitioner deducted the value of the policy over his basis as a charitable contribution in 1957. On October 13, 1958, 16 days prior to the maturity date of the policies,…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined deficiencies in petitioners’ income tax for the calendar years 1957 and 1958 in the respective amounts of $4,912.44 and $16,366.23.
The issue for decision is whether petitioners realized taxable income in the amounts by which the values of endowment insurance policies transferred by S. M. Friedman to charitable organizations exceeded his bases in such policies.
All of the facts have been stipulated and are found accordingly.
Petitioners, husband and wife residing in Shaker Heights, Ohio, filed joint Federal income tax returns for the calendar years 1957…
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