Clarence B. Jones and Nancy Brown Jones v. Commissioner of Internal Revenue

DUFFY, Chief Judge.

This is a petition for a review of a decision of the Tax Court reported in 22 T.C. 407. Petitioners, husband and wife, filed timely joint income tax returns for the years ending December 31, 1947 and December 31, 1948. Since the contested issue relates only to Clarence B. Jones, he will hereinafter be referred to as the petitioner.

Petitioner’s father, Walter C. Jones, died on March 28, 1928. He was the insured in a life insurance policy theretofore issued by Aetna Life Insurance Company. Petitioner was the designated beneficiary. The settlement provision elected by insured…