Estate of Bloch v. Commissioner
United States Tax Court
Decedent was the trustee of a trust established by his father in 1946 for the benefit of decedent's children. The trust agreement vested the trustee with the same rights and powers over insurance policies held by the trust "as he would have as the absolute owner thereof." As trustee, decedent caused the trust to purchase three insurance policies on his life.
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Decedent was the trustee of a trust established by his father in 1946 for the benefit of decedent's children. The trust agreement vested the trustee with the same rights and powers over insurance policies held by the trust "as he would have as the absolute owner thereof." As trustee, decedent caused the trust to purchase three insurance policies on his life. Subsequently, decedent as trustee executed assignments of those insurance policies as collateral security for personal obligations and obligations of a corporation in which decedent was an officer, director, and 50-percent shareholder.…
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent determined a deficiency in the amount of $419,942.46 in petitioner’s estate tax. After concessions by the parties, the only issue remaining for decision is whether decedent, who was trustee of a trust created by his father, possessed at the time of his death any "incidents of ownership” in three entrusted insurance policies on his life with the result that the insurance proceeds are includable in his gross estate under section 2042(2).1
1. Basic Facts
All the facts are stipulated.2
Decedent died testate on September 19, 1973. He was survived by his second…
2Cases cited19 opinions
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Lober v. United StatesSupreme Court of the United States · 1953
- Estate of James H. Lumpkin, Jr., Deceased. Christine T. Hamilton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1973
- Estate of Lumpkin v. CommissionerUnited States Tax Court · 1971
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3Cited by6 opinions
- Kenneth P. Kirchman and Budagail S. Kirchman, Leo P. Ayotte and Nancy C. Ayotte v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1989
- Laycock v. HammerCalifornia Court of Appeal · 2006
- Bennett v. CommissionerUnited States Tax Court · 1982
- Bennett v. CommissionerUnited States Tax Court · 1982
- Estate of Bloch v. CommissionerUnited States Tax Court · 1982
1 more not listed; retrieve them via the Exa API.