Whitaker v. Commissioner
United States Tax Court
The principal petitioner entered into a conditional sales contract for the acquisition of a going business. Pursuant to said contract he took out a policy of insurance on the life of the vendor, of which the petitioner vendee was the sole owner and sole beneficiary.
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The principal petitioner entered into a conditional sales contract for the acquisition of a going business. Pursuant to said contract he took out a policy of insurance on the life of the vendor, of which the petitioner vendee was the sole owner and sole beneficiary. Petitioner never changed the beneficiary of said policy nor at any time assigned any of the benefits thereof; and there was no legal restriction on the manner in which petitioner could use or apply any proceeds from the policy. Held, that the premiums which petitioner paid on such policy are not deductible by him for income tax…
1Opinion of the Court
James G. Whitaker and Pearl Whitaker, Petitioners, v. Commissioner of Internal Revenue, Respondent
Whitaker v. Commissioner
Docket No. 73848
United States Tax Court
34 T.C. 106; 1960 U.S. Tax Ct. LEXIS 162;
April 29, 1960, Filed
Decision will be entered for the respondent.
The principal petitioner entered into a conditional sales contract for the acquisition of a going business. Pursuant to said contract he took out a policy of insurance on the life of the vendor, of which the petitioner vendee was the sole owner and sole beneficiary. Petitioner never changed the beneficiary of said policy nor at…
2Cases cited3 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- White v. United StatesSupreme Court of the United States · 1938
- Whitaker v. CommissionerUnited States Tax Court · 1960