Legal Opinion
Powers v. Commissioner
Supreme Court of the United States
Decided February 3, 1941No. 486PublishedCited by 80 opinions
1Opinion of the CourtJustice Douglas
The issue in this case is the same as that in Guggenheim v. Rasquin, ante, p. 254. Petitioner in November and December, 1935, purchased single-premium policies of insurance on her own life and late in December, 1935, irrevocably assigned them as gifts. The Commissioner determined a deficiency, claiming that the value of the policies for gift-tax purposes was the cost of duplicating them at the dates of the gifts, not the cash-surrender value as reported by petitioner. The Board of'.Tax Appeals held that the value of the gifts was their cash-surrender value. The Circuit Court of Appeals…
2Cases cited3 opinions
- Helvering v. RankinSupreme Court of the United States · 1935
- Lucas v. AlexanderSupreme Court of the United States · 1929
- Commissioner of Internal Revenue v. PowersCourt of Appeals for the First Circuit · 1940
3Cited by80 opinions
- Dobson v. CommissionerSupreme Court of the United States · 1944
- United States v. CartwrightSupreme Court of the United States · 1973
- Alisa Bradley and Ronald Bradley, Parents and Next Friends of Rachel Bradley v. Secretary of the Department of Health and Human ServicesCourt of Appeals for the Federal Circuit · 1993
- United States v. WoodsSupreme Court of the United States · 2013
- Commissioner of Internal Revenue v. BuckCourt of Appeals for the Second Circuit · 1941
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