Estate of Silverman v. Commissioner
United States Tax Court
Decedent was a participant in his corporate employer's employees' pension plan, which plan qualified under sec. 401(a), I.R.C. 1954. This plan provided for a monthly annuity to participants to commence in all events when the participant reached 65. Decedent was not a stockholder of his corporate employer or a member of the pension committee. When decedent terminated his employment prior to reaching 65, his five annuity contracts were assigned absolutely to him.
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Decedent was a participant in his corporate employer's employees' pension plan, which plan qualified under sec. 401(a), I.R.C. 1954. This plan provided for a monthly annuity to participants to commence in all events when the participant reached 65. Decedent was not a stockholder of his corporate employer or a member of the pension committee. When decedent terminated his employment prior to reaching 65, his five annuity contracts were assigned absolutely to him. He surrendered three of these contracts for their cash surrender value and had borrowed prior to his death on the security of the…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined a deficiency in estate tax of petitioner in the amount of $4,193.85.
The issue for decision is whether the proceeds of two contracts, providing that upon their maturity date they were exchangeable for contracts providing for an annuity or annuities as selected by the owner from certain annuity options which had been purchased by a qualified pension trust established by the employer of Max Silverman (the decedent) for the benefit of decedent or the beneficiaries designated by him, but unconditionally assigned to decedent upon the termination of his…
2Cases cited5 opinions
- Albright v. CommissionerUnited States Tax Court · 1964
- Brooks v. CommissionerUnited States Tax Court · 1968
- Commissioner of Internal Revenue v. Estate of Raymond W. Albright, DeceasedCourt of Appeals for the Second Circuit · 1966
- The Northern Trust Company as Trustee Under Agreement No. 25,304 With Walter S. Carr Dated January 1, 1959 v. United StatesCourt of Appeals for the Seventh Circuit · 1968
- FIRST TRUST COMPANY OF SAINT PAUL v. United StatesDistrict Court, D. Minnesota · 1970
3Cited by2 opinions
- John Manocchio v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1983
- Estate of Silverman v. CommissionerUnited States Tax Court · 1974