Yuengling v. Commissioner
United States Board of Tax Appeals
1. The income of trusts created by petitioner was used by the trustee to pay premiums on insurance on petitioner's life. Held that such income is taxable to petitioner under section 167, Revenue Act of 1928. Frederick B. Wells,19 B.T.A. 1213, and Irenee DuPont v. Commissioner, 63 Fed.(2d) 44, followed. 2. Corporations, of which petitioner was president, paid premiums on insurance on petitioner's life.
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1. The income of trusts created by petitioner was used by the trustee to pay premiums on insurance on petitioner's life. Held that such income is taxable to petitioner under section 167, Revenue Act of 1928. Frederick B. Wells,19 B.T.A. 1213, and Irenee DuPont v. Commissioner, 63 Fed.(2d) 44, followed. 2. Corporations, of which petitioner was president, paid premiums on insurance on petitioner's life. The beneficiary under the policies was a trustee who held the policies for the benefit of petitioner's wife and children. Held that the amount of the premiums so paid constituted income to…
1Opinion of the Court
OPINION.
Aeundell :
The respondent has determined a deficiency in income tax for the year 1928 in the amount of $8,068.72. The error alleged by petitioner is the inclusion in his income of an amount of trust income which the trustee, under trusts created by petitioner, used to pay premiums on policies of insurance on the life of petitioner. In his answer, counsel for respondent alleged error in failing to include fn petitioner’s income certain specified amounts alleged to have been received from three corporations in 1928, and asked that the deficiency be increased accordingly.
A stipulation of…
2Cited by10 opinions
- Frost v. CommissionerUnited States Tax Court · 1969
- Lacey v. CommissionerUnited States Tax Court · 1963
- Jacksonville Paper Co. v. CommissionerUnited States Tax Court · 1954
- Lynch v. CommissionerUnited States Tax Court · 1983
- Bonwit v. CommissionerUnited States Board of Tax Appeals · 1935
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