Ballinger v. Commissioner
United States Board of Tax Appeals
1. Prior to 1918 decedent took out twelve policies of insurance upon his own life, naming as beneficiaries therein persons other than his executor; in eight of these policies decedent reserved the right to change the beneficiary named or to revoke a prior assignment, in three of them the complete insurance policy was not submitted in evidence, and in one decedent reserved the right to the cash surrender value at maturity or upon surrender of the policy.
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1. Prior to 1918 decedent took out twelve policies of insurance upon his own life, naming as beneficiaries therein persons other than his executor; in eight of these policies decedent reserved the right to change the beneficiary named or to revoke a prior assignment, in three of them the complete insurance policy was not submitted in evidence, and in one decedent reserved the right to the cash surrender value at maturity or upon surrender of the policy. Held, that as to the nine policies in which decedent made reservations, the proceeds should be included in his gross estate, under the rule…
1Opinion of the Court
*1315OPINION.
MoeRis:
The issue presented by the pleadings is whether there should be included in decedent’s gross estate the proceeds of various insurance policies on decedent’s life in the total amount of $391,-152.96, less the statutory exemption of $40,000. By stipulation of counsel the proceeds of thirteen policies, amounting to $99,564.01, remain to be considered, the petitioner having waived its assignment of error in so far as it relates to the proceeds of the other policies. We have, therefore, to determine whether respondent erred in including in decedent’s gross estate $99,564.01,…
2Cases cited5 opinions
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Shwab v. DoyleSupreme Court of the United States · 1922
- Lewellyn v. FrickSupreme Court of the United States · 1925
- Frick v. LewellynDistrict Court, W.D. Pennsylvania · 1924
3Cited by15 opinions
- Igleheart v. CommissionerUnited States Board of Tax Appeals · 1933
- Newman v. CommissionerUnited States Board of Tax Appeals · 1933
- Sharp v. CommissionerUnited States Board of Tax Appeals · 1934
- Pennsylvania Co. for Insurances on Lives & Granting Annuities v. CommissionerUnited States Board of Tax Appeals · 1934
- Commercial Nat. Bank & Trust Co. of NY v. JohnsonDistrict Court, S.D. New York · 1954
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