Stake v. Commissioner
United States Tax Court
Decedent, an officer in a bank, was required to contribute to a pension fund, to which the bank also contributed. Under the pension plan, which granted broad powers in the discretion of the bank, an officer having 15 years service with the bank was entitled to a pension upon arriving at the age of 60 years, and his widow was entitled to a pension of one-half the amount to which he was entitled.
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Decedent, an officer in a bank, was required to contribute to a pension fund, to which the bank also contributed. Under the pension plan, which granted broad powers in the discretion of the bank, an officer having 15 years service with the bank was entitled to a pension upon arriving at the age of 60 years, and his widow was entitled to a pension of one-half the amount to which he was entitled. The bank could in its discretion pay a pension without compliance with the rules by the officer. Decedent, though having served 15 years, died at the age of 54 years and had not been granted a pension.…
1Opinion of the Court
OPINION.
Disney, Judge-.
The parties specifically agree that pur question is as follows: Is the commuted value of annual payments to decedent’s widow from a pension fund established by decedent’s employer, the First National Bank of Chicago, to which fund the decedent and his employer made annual contributions during the 40-year period of decedent’s employment, includible in decedent’s gross estate under section 811 (c) of the Internal Revenue Code?
The respondent states his position to be that, by virtue of a contract between the decedent and his employer, his widow at his death, through her…
2Cited by14 opinions
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- Estate of Miller v. CommissionerUnited States Tax Court · 1950
- Howell v. CommissionerUnited States Tax Court · 1950
- Estate of Wolf v. CommissionerUnited States Tax Court · 1957
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