Ballard v. Commissioner
United States Tax Court
A designated P as the beneficiary of his employee retirement plan. Prior to naming P as his beneficiary, A asked P to pay A's debts upon his death, and P orally agreed to do so. P did not know the value of A's retirement account, nor did she know the amount of debt she might be expected to pay therefrom. A also named P as the beneficiary of a life insurance policy.
Read the full summary
A designated P as the beneficiary of his employee retirement plan. Prior to naming P as his beneficiary, A asked P to pay A's debts upon his death, and P orally agreed to do so. P did not know the value of A's retirement account, nor did she know the amount of debt she might be expected to pay therefrom. A also named P as the beneficiary of a life insurance policy. On Sept. 29, 1987, A died at age 51, and the balance of his retirement account, $ 38,959, was paid directly to P as the named beneficiary. P also received payment on A's life insurance policy. P then paid $ 6,103 for A's funeral…
1Opinion of the Court
MARY BALLARD, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Ballard v. Commissioner
Docket No. 17352-90.
United States Tax Court
T.C. Memo 1992-217; 1992 Tax Ct. Memo LEXIS 235; 63 T.C.M. (CCH) 2748;
April 13, 1992, Filed
Decision will be entered under Rule 155.
A designated P as the beneficiary of his employee retirement plan. Prior to naming P as his beneficiary, A asked P to pay A's debts upon his death, and P orally agreed to do so. P did not know the value of A's retirement account, nor did she know the amount of debt she might be expected to pay therefrom. A also named P as the…
2Cases cited5 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Estate of Bell v. CommissionerUnited States Tax Court · 1973
- Pritchard v. CommissionerUnited States Tax Court · 1944
- de Canizares v. CommissionerUnited States Tax Court · 1959