Gwinn v. Commissioner
United States Tax Court
At the date of his death, January 15, 1951, D. Byrd Gwinn owned 360 shares of the common stock of Gwinn Bros. & Co. He also owned life insurance policy No. 235883 issued by the New England Life Insurance Co. in the face amount of $ 10,000. His wife, Caroline A. Gwinn, was designated primary beneficiary of the policy.
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At the date of his death, January 15, 1951, D. Byrd Gwinn owned 360 shares of the common stock of Gwinn Bros. & Co. He also owned life insurance policy No. 235883 issued by the New England Life Insurance Co. in the face amount of $ 10,000. His wife, Caroline A. Gwinn, was designated primary beneficiary of the policy. On January 15, 1951, this policy, along with other life insurance policies of decedent, was pledged with a bank as collateral security for an indebtedness of decedent to the bank in the amount of $ 20,000. After decedent's death his administrator paid the indebtedness out of the…
1Opinion of the Court
Estate of D. Byrd Gwinn, Deceased, James A. Gwinn, Administrator, Petitioner, v. Commissioner of Internal Revenue, Respondent
Gwinn v. Commissioner
Docket No. 48095
United States Tax Court
25 T.C. 31; 1955 U.S. Tax Ct. LEXIS 76;
October 18, 1955, Filed
Decision will be entered under Rule 50.
At the date of his death, January 15, 1951, D. Byrd Gwinn owned 360 shares of the common stock of Gwinn Bros. & Co. He also owned life insurance policy No. 235883 issued by the New England Life Insurance Co. in the face amount of $ 10,000. His wife, Caroline A. Gwinn, was designated primary beneficiary of the…
2Cases cited27 opinions
- In Re MessingerCourt of Appeals for the Second Circuit · 1928
- Phalen v. VirginiaSupreme Court of the United States · 1850
- Commissioner of Internal Revenue v. ProcterCourt of Appeals for the Fourth Circuit · 1944
- Chatham Phenix National Bank v. CrosneyNew York Court of Appeals · 1929
- In Re Gallagher's WillNew Mexico Supreme Court · 1953
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