Bowers v. Commissioner
United States Tax Court
Pursuant to the provisions of a property settlement agreement, decedent maintained two policies of life insurance on his life with his former wife as the beneficiary. The property settlement agreement was approved and incorporated by reference in a divorce decree granted decedent's former wife. The proceeds of the policies were made available to decedent's former wife upon decedent's death.
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Pursuant to the provisions of a property settlement agreement, decedent maintained two policies of life insurance on his life with his former wife as the beneficiary. The property settlement agreement was approved and incorporated by reference in a divorce decree granted decedent's former wife. The proceeds of the policies were made available to decedent's former wife upon decedent's death. The only rights in the policies retained by the decedent were a reversionary interest which did not exceed 5 per cent and the right to dividends. Held, decedent possessed no "incidents of ownership" in the…
1Opinion of the Court
OPINION.
BRUCE, Judge:
Respondent contends1 that the proceeds of two life insurance policies on decedent’s life which were made available to decedent’s former wife are includible in the gross estate under section 811 (g) (2)2 of the Internal Revenue Code of 1939. Petitioner argues that the proceeds of said policies should not be included in the gross estate.
On April 22, 1932, decedent and his former wife, Esther, entered into a property settlement agreement. The first question for determination is the rights of decedent in the policies in question subsequent to the agreement. Prior to the…
2Cases cited38 opinions
- Harris v. CommissionerSupreme Court of the United States · 1950
- Hough v. HoughCalifornia Supreme Court · 1945
- Adams v. AdamsCalifornia Supreme Court · 1947
- Dexter v. DexterCalifornia Supreme Court · 1954
- Flynn v. FlynnCalifornia Supreme Court · 1954
33 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Schwager v. CommissionerUnited States Tax Court · 1975
- Estate of John J. Connelly, Sr. (Deceased) and Ellen C. King v. United StatesCourt of Appeals for the Third Circuit · 1977
- Estate of Estes v. Valley National BankCourt of Appeals of Arizona · 1982
- Spruance v. CommissionerUnited States Tax Court · 1973
- Estate of Fenton v. CommissionerUnited States Tax Court · 1978
15 more not listed; retrieve them via the Exa API.