Mitchell v. Commissioner
United States Board of Tax Appeals
1. Where decedent and his business associate had entered into a contract providing that in the event of death of either the survivor should purchase the other's stock in a certain corporation and further that the proceeds of a $200,000 policy on the life of each, payable to his estate, should be applied to the purchase price to be paid by the survivor for such stock, held, that the insurance proceeds which were actually paid to the decedent's estate under the terms of the…
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1. Where decedent and his business associate had entered into a contract providing that in the event of death of either the survivor should purchase the other's stock in a certain corporation and further that the proceeds of a $200,000 policy on the life of each, payable to his estate, should be applied to the purchase price to be paid by the survivor for such stock, held, that the insurance proceeds which were actually paid to the decedent's estate under the terms of the policy are includable in the gross estate; held, further, that under a binding contract the estate was obligated to apply…
1Opinion of the Court
OPINION.
Tyson:
The respondent has determined and asserted against the petitioner herein a Federal estate tax deficiency in the amount of $35,769.14, all of which is in controversy in this proceeding.
The petitioner assigns as errors in the respondent’s determination (1) that 900 shares of capital stock of Lennen & Mitchell, Inc., owned by the decedent at date of his death, had a value of $313,771.93 on that date instead of $111,105.26 as reported on the return; (2) that the sum of $402,273.70, as the proceeds of certain insurance policies on the decedent’s life, payable to decedent’s business…
2Cases cited2 opinions
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Bingham v. United StatesSupreme Court of the United States · 1935
3Cited by11 opinions
- Boswell v. CommissionerUnited States Board of Tax Appeals · 1938
- Cain v. CommissionerUnited States Board of Tax Appeals · 1941
- Estate of Childs v. CommissionerUnited States Tax Court · 1943
- Estate of George Saxe Macdonald v. CommissionerUnited States Tax Court · 1951
- Helvering v. HallockSupreme Court of the United States · 1940
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