Haverty Realty & Inv. Co. v. Commissioner
United States Tax Court
Petitioner acquired two life insurance contracts, collected upon one upon the death of the insured and transferred the other for a consideration. Held, on the facts, that the policies were not acquired for valuable consideration.
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Petitioner acquired two life insurance contracts, collected upon one upon the death of the insured and transferred the other for a consideration. Held, on the facts, that the policies were not acquired for valuable consideration. Under the first policy the petitioner received income by reason of the death of the insured, and it was therefore properly excluded from gross income under section 22 (b) (1), Internal Revenue Code; and upon assignment of the second policy the petitioner realized no gain.
1Opinion of the Court
OPINION.
Disney, Judge:
Are the net proceeds of the two life insurance polices transferred to the petitioner to be excluded from petitioner’s gross income? In the deficiency notice reliance is placed upon section 22 (a) and 22 (b) (2) of the Internal Revenue Code. Upon brief, the respondent bases his position only upon section 22 (b) (1), (2). These subdivisions of section 22 are set forth m the margin.1
The parties do not disagree on the primary facts in the case. It is agreed that the two policies were transferred to the petitioner by the Furniture Co. and that subsequent thereto the…
2Cases cited9 opinions
- Miller v. RobertsonSupreme Court of the United States · 1924
- Helvering v. Tex-Penn Oil Co.Supreme Court of the United States · 1937
- Barreda v. SilsbeeSupreme Court of the United States · 1859
- O'shea v. New York, C. & St. L. R. Co.Court of Appeals for the Seventh Circuit · 1901
- Sigua Iron Co. v. GreeneCourt of Appeals for the Second Circuit · 1898
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3Cited by45 opinions
- Schmitz v. CommissionerUnited States Tax Court · 1968
- Estate of Craft v. CommissionerUnited States Tax Court · 1977
- In the Matter of Charles A. Steen, Debtor. Dick Dimond, Trustee v. United StatesCourt of Appeals for the Ninth Circuit · 1975
- Landa v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. AstinCourt of Appeals for the D.C. Circuit · 1953
- Payne v. CommissionerUnited States Tax Court · 1954
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