Chemical Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Decedent during his lifetime purchased, for lump sum payments, two certain annuity contracts. The annuities were payable to decedent as long as he should live and at his death were payable to his wife during the term of her life if she should survive him. The annuity contracts were irrevocable. The wife survived decedent. Held, the commuted value of the annuities payable to decedent's wife should not be included as a part of decedent's gross estate.
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1. Decedent during his lifetime purchased, for lump sum payments, two certain annuity contracts. The annuities were payable to decedent as long as he should live and at his death were payable to his wife during the term of her life if she should survive him. The annuity contracts were irrevocable. The wife survived decedent. Held, the commuted value of the annuities payable to decedent's wife should not be included as a part of decedent's gross estate. Guaranty Trust Co. of New York, Executor,16 B.T.A. 314, distinguished. 2. Decedent during his lifetime purchased an investment annuity…
1Opinion of the Court
*538OPINION.
Black:
We shall take up and dispose of the issues in the order that we have stated them. Issue (1) relates to two annuity contracts which decedent had purchased in his lifetime from the Mutual Life Insurance Co. of New York for lump sum payments. These annuities were payable to decedent as long as he should live, and at his death if his wife survived him the annuities were payable to her as long as she should live. Decedent’s wife did survive him, and respondent included in decedent’s gross estate the amount which he determined to be the value, at the date of decedent’s death, of the…
2Cases cited6 opinions
- United States v. WellsSupreme Court of the United States · 1931
- Hassett v. WelchSupreme Court of the United States · 1938
- May v. HeinerSupreme Court of the United States · 1930
- Cyrus H. McCormick v. David BurnetSupreme Court of the United States · 1931
- Morsman v. BurnetSupreme Court of the United States · 1931
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3Cited by6 opinions
- Commissioner of Internal Revenue v. CliseCourt of Appeals for the Ninth Circuit · 1941
- Millard v. MaloneyCourt of Appeals for the Third Circuit · 1941
- Millard v. MaloneyDistrict Court, D. New Jersey · 1940
- Morristown Trust Co. v. ManningDistrict Court, D. New Jersey · 1951
- Chemical Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938
1 more not listed; retrieve them via the Exa API.