McIntyre v. Commissioner
United States Board of Tax Appeals
Petitioners' father took out life insurance policies on his own life and, pursuant to his request, the company agreed to pay the proceeds thereof to the insured's mother in monthly installments for ten years certain and during her after lifetime as provided in settlement option C of the policies, and that if she should die before receiving installments for the ten years certain, then upon her death the commuted value of the remaining installments for that period would be…
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Petitioners' father took out life insurance policies on his own life and, pursuant to his request, the company agreed to pay the proceeds thereof to the insured's mother in monthly installments for ten years certain and during her after lifetime as provided in settlement option C of the policies, and that if she should die before receiving installments for the ten years certain, then upon her death the commuted value of the remaining installments for that period would be paid in one lump sum to the insured's children, share and share alike. Option C provided for monthly payments, the amount…
1Opinion of the Court
*70OPINION.
Tukner :
The question presented is whether the payments received by the petitioners under the insurance contracts in question are to be excluded from their income under section 22 (b) (1) of the Revenue Act of 1936, which provides as follows:(b) Exclusions from Gross Income. — Tbe following items shall not be included in gross income and shall be exempt from taxation under this title:(1) Life insurance. — Amounts received under a life insurance contract paid by reason of the death of the insured, whether in a single sum or otherwise (but if such amounts are held by the insurer under an…
2Cited by1 opinion
- McIntyre v. CommissionerUnited States Board of Tax Appeals · 1941