Barrett v. Commissioner
United States Tax Court
Petitioner surrendered or exchanged 12 endowment policies on their maturity dates for 12 paid-up life insurance policies.
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Petitioner surrendered or exchanged 12 endowment policies on their maturity dates for 12 paid-up life insurance policies. Held: 1. Petitioners realized ordinary income in the amount of the excess of the cost of the paid-up life insurance policies over the cost of the endowment policies surrendered. 2. No estoppel exists against respondent because of statements made in a letter sent to one of petitioners from the office of respondent in response to a letter requesting a ruling.
1Opinion of the Court
OPINION
'Scott, Judge:
Respondent determined a deficiency in the income tax of petitioners for the taxable year 1960 in the amount of $9,125 and an addition to the tax under section 6654 of the Internal Revenue Code of 1954 for underpayment of estimated tax in the amount of $83.95.
The two issues raised by the pleadings which remain for decision are:
Whether petitioner W. Stanley Barrett realized long-term capital gain or ordinary income on the surrender or exchange of certain endowment policies at their maturity for paid-up life insurance policies.
Whether respondent is estopped from taking the…
2Cases cited10 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Commissioner of Internal Revenue v. Percy W. Phillips and Betty R. Phillips (Husband and Wife)Court of Appeals for the Fourth Circuit · 1960
- Harry Rosen and Rose Rosen v. United StatesCourt of Appeals for the Third Circuit · 1961
- Arnfeld v. United StatesUnited States Court of Claims · 1958
- Jones v. CommissionerUnited States Tax Court · 1962
5 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Moseley v. CommissionerUnited States Tax Court · 1979
- W. Stanley Barrett v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1965
- Barrett v. CommissionerUnited States Tax Court · 1964
- Moseley v. CommissionerUnited States Tax Court · 1979