Boston Safe Deposit & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Where partnership agreement provided for life insurance to be carried on lives of general partners, premiums to be paid by partnership, policy to be held by and any loans to be for benefit of partnership, insured partner to designate and successively change beneficiaries, but, upon death of insured partner and payment of proceeds to designated beneficiaries, capital account of deceased partner was debited with the amount of such proceeds and capital accounts of surviving…
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1. Where partnership agreement provided for life insurance to be carried on lives of general partners, premiums to be paid by partnership, policy to be held by and any loans to be for benefit of partnership, insured partner to designate and successively change beneficiaries, but, upon death of insured partner and payment of proceeds to designated beneficiaries, capital account of deceased partner was debited with the amount of such proceeds and capital accounts of surviving partners credited with same amount in proportion to their interests in the partnership, held, full partnership interest…
1Opinion of the Court
OPINION.
Matthews:
The Commissioner determined that there was a deficiency of $12,287.33 in estate taxes due from the estate of Clinton H. Scovell. The issues involved are: (1) The amount to be included in the gross estate as the value of decedent’s interest in a partnership where under the partnership agreement $100,000 of such interest was to be paid and was paid with the proceeds of a life insurance policy carried by the partnership on the life of decedent, payable to beneficiaries designated by insured, all the premiums on the policy having been paid by the partnership; (2) whether amounts…
2Cases cited5 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Porter v. CommissionerSupreme Court of the United States · 1933
- Humes v. United StatesSupreme Court of the United States · 1928
- United States v. Provident Trust Co.Supreme Court of the United States · 1934
- Moore v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by5 opinions
- Boston Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Dobrzensky v. CommissionerUnited States Board of Tax Appeals · 1936
- The First National Bank of Birmingham, Alabama, and Sindey M. Amith, Executors of the Estate of Henery M. Smith v. United StatesCourt of Appeals for the First Circuit · 1966
- The First National Bank of Birmingham, Alabama, and Sindey M. Amith, Executors of the Estate of Henery M. Smith v. United StatesCourt of Appeals for the First Circuit · 1966
- Vanderbilt v. CommissionerUnited States Board of Tax Appeals · 1936