Reed v. Commissioner
United States Board of Tax Appeals
1. If an insurance policy reserves to the insured, acting alone, the power to change the beneficiary, no absolute rights vest in the beneficiary and the transfer of the beneficial interest is incomplete until the death of the insured. 2. Where the name of the beneficiary in a life insurance policy is followed by the words "with right of revocation," and the policy elsewhere provides that, "When the right of revocation has been reserved * * * the insured * * * may * * *…
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1. If an insurance policy reserves to the insured, acting alone, the power to change the beneficiary, no absolute rights vest in the beneficiary and the transfer of the beneficial interest is incomplete until the death of the insured. 2. Where the name of the beneficiary in a life insurance policy is followed by the words "with right of revocation," and the policy elsewhere provides that, "When the right of revocation has been reserved * * * the insured * * * may * * * designate a new beneficiary, with or without reserving right of revocation, by filing written notice thereof at the home…
1Opinion of the Court
*169OPINION.
Van Fossan:
The first allegation of error challenges the action of the respondent in including in-the gross estate of James PI. Reed, deceased, the proceeds of six life insurance policies in excess, of $40,000, receivable by beneficiaries other than the executors of the estate.
The Revenue Act of 1926 provides:
Sec. 802. The value of tbe gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated—
*******(g) To the extent of the amount receivable by the executor as insurance…
2Cases cited7 opinions
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Tyler v. United StatesSupreme Court of the United States · 1930
- Saltonstall v. SaltonstallSupreme Court of the United States · 1928
- Coolidge v. LongSupreme Court of the United States · 1931
- Lewellyn v. FrickSupreme Court of the United States · 1925
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Continental Assur. Co. v. ConroyCourt of Appeals for the Third Circuit · 1954
- Newman v. CommissionerUnited States Board of Tax Appeals · 1933
- Pennsylvania Co. for Insurances on Lives & Granting Annuities v. CommissionerUnited States Board of Tax Appeals · 1934
- Boswell v. CommissionerUnited States Board of Tax Appeals · 1938
- Hays v. CommissionerUnited States Board of Tax Appeals · 1936
5 more not listed; retrieve them via the Exa API.