Cornwell v. Commissioner
United States Tax Court
Held, widow's right of withdrawal of the proceeds of life insurance policies existed immediately upon insured husband's death and her withdrawal rights were exercisable in all events so as to qualify the proceeds for marital deduction under section 812(e)(1)(G), I.R.C. 1939, even though limited to a monthly interest due date 30 days after receipt by insurer of due proof of death of insured.
1Opinion of the Court
OPINION.
Mulroney, Judge:
The respondent determined a deficiency in estate tax in the Estate of John J. Cornwell in the amount of $5,384.14.
The only question is whether the proceeds of certain life insurance policies qualify for marital deduction under section 812(e)(1)(G), I.R.C. 1939.1
All of the facts have been stipulated and are accordingly so found.
Sallie C. Ailes is administratrix of the Estate of John J. Cornwell, Deceased, who died on September 8,1953, a resident of Romney, West Virginia.
On November 29, 1954, the administratrix filed with the district director of internal revenue at…
2Cases cited2 opinions
- Eggleston v. DudleyCourt of Appeals for the Third Circuit · 1958
- Estate of Thomas C. Werbe, American Fletcher National Bank and Trust Company, Administrator, C.T.A. v. United StatesCourt of Appeals for the Seventh Circuit · 1959
3Cited by5 opinions
- Jennings v. CommissionerUnited States Tax Court · 1962
- Estate of Fiedler v. CommissionerUnited States Tax Court · 1976
- Cornwell v. CommissionerUnited States Tax Court · 1962
- Estate of Fiedler v. CommissionerUnited States Tax Court · 1976
- Jennings v. CommissionerUnited States Tax Court · 1962