Estate of Levy v. Commissioner
United States Tax Court
Petitioner owned 80.4 percent of the issued and outstanding voting stock of Levy Bros. and all of its issued and outstanding nonvoting stock. The corporation owned life insurance policies on decedent's life, payable to decedent's widow. Held, sec. 20.2042-1(c)(6), Estate Tax Regs., is valid in requiring inclusion of insurance proceeds in a decedent's gross estate if the decedent is a controlling shareholder but not the sole shareholder.
1Opinion of the Court
OPINION
Goffe, Judge:
The Commissioner determined a deficiency in petitioner’s Federal estate tax in the amount of $42,042.90.
Due to concessions by petitioner, the issues for our decision are:(1) Whether section 20.2042-l(c)(6), Estate Tax Regs., is valid;(2) If valid, whether section 20.2042-l(c)(6), Estate Tax Regs., as amended in 1974, applies retroactively to petitioner estate; and, if so—(3) Whether the proceeds of life insurance policies owned by Levy Bros. (80.4 percent of the voting stock of which was owned by decedent) and payable to decedent’s widow, are. includable in decedent’s…
2Cases cited13 opinions
- United States v. Rhode Island Hospital Trust CompanyCourt of Appeals for the First Circuit · 1966
- Estate of James H. Lumpkin, Jr., Deceased. Christine T. Hamilton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1973
- H. F. Campbell Co. v. CommissionerUnited States Tax Court · 1969
- H. F. Campbell Company (Formerly H. F. Campbell Construction Company) v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1971
- Estate of Gilman v. CommissionerUnited States Tax Court · 1975
8 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Estate of Carlstrom v. CommissionerUnited States Tax Court · 1981
- Estate of Dimen v. CommissionerUnited States Tax Court · 1979
- Estate of Carlstrom v. CommissionerUnited States Tax Court · 1981
- Estate of Dimen v. CommissionerUnited States Tax Court · 1979
- Estate of Levy v. CommissionerUnited States Tax Court · 1978