Billings v. Commissioner
United States Board of Tax Appeals
1. Prior to 1918 the decedent, who died in 1931, had taken out three insurance policies on his life, irrevocably naming his wife, May Billings, as beneficiary. Held, that the proceeds of the policies were not a part of the decedent's gross estate. 2. The decedent took out an insurance policy on his life in 1921, naming his estate as beneficiary and reserving the right to change the beneficiary.
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1. Prior to 1918 the decedent, who died in 1931, had taken out three insurance policies on his life, irrevocably naming his wife, May Billings, as beneficiary. Held, that the proceeds of the policies were not a part of the decedent's gross estate. 2. The decedent took out an insurance policy on his life in 1921, naming his estate as beneficiary and reserving the right to change the beneficiary. In 1931 the policy was split into three policies and on June 24, 1931, the decedent in contemplation of death assigned the policies to others. Held, that the proceeds of the policies are includable in…
1Opinion of the Court
MAY BILLINGS AND CITY BANK FARMERS TRUST COMPANY, AS EXECUTORS OF THE LAST WILL AND TESTAMENT OF RICHARD BILLINGS, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Billings v. Commissioner
Docket No. 81638.
United States Board of Tax Appeals
35 B.T.A. 1147; 1937 BTA LEXIS 792;
May 27, 1937, Promulgated
1. Prior to 1918 the decedent, who died in 1931, had taken out three insurance policies on his life, irrevocably naming his wife, May Billings, as beneficiary. Held, that the proceeds of the policies were not a part of the decedent's gross estate.
2. The decedent took out an…
2Cases cited14 opinions
- United States v. WellsSupreme Court of the United States · 1931
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Milliken v. United StatesSupreme Court of the United States · 1931
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