Jennings v. Commissioner
United States Tax Court
Decedent left the proceeds of an insurance policy to his surviving spouse under an interest option with an inter vivos right of withdrawal.
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Decedent left the proceeds of an insurance policy to his surviving spouse under an interest option with an inter vivos right of withdrawal. The power of appointment in the surviving spouse was subject to limitations which provided that the insurance company could defer any payment until it had received proof of death, that the insurance company could require 90 days' notice before principal withdrawal, that the surviving spouse could withdraw principal only on interest due dates, that the surviving spouse could make principal withdrawals only in multiples of $ 500, and that, if the surviving…
1Opinion of the Court
Estate of Charles R. Jennings, Deceased, Citizens Fidelity Bank and Trust Company, Executor, Petitioner, v. Commissioner of Internal Revenue, Respondent
Jennings v. Commissioner
Docket No. 88233
United States Tax Court
39 T.C. 417; 1962 U.S. Tax Ct. LEXIS 23;
November 20, 1962, Filed
Decision will be entered under Rule 50.
Decedent left the proceeds of an insurance policy to his surviving spouse under an interest option with an inter vivos right of withdrawal. The power of appointment in the surviving spouse was subject to limitations which provided that the insurance company could defer any payment…
2Cases cited4 opinions
- Estate of Thomas C. Werbe, American Fletcher National Bank and Trust Company, Administrator, C.T.A. v. United StatesCourt of Appeals for the Seventh Circuit · 1959
- Cornwell v. CommissionerUnited States Tax Court · 1962
- Eggleston v. DudleyCourt of Appeals for the Third Circuit · 1958
- Jennings v. CommissionerUnited States Tax Court · 1962