Estate of Marks v. Commissioner
United States Tax Court
In April 1981, E and M, husband and wife and residents of Louisiana, a community property state, each applied for a life insurance policy insuring the life of the other. In July 1981, a $ 500,000 policy on E's life was issued to M and a $ 250,000 policy on M's life was issued to E. In July 1982, E and M died simultaneously in an airplane crash. Held: Each policy is the separate property of the noninsured spouse.
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In April 1981, E and M, husband and wife and residents of Louisiana, a community property state, each applied for a life insurance policy insuring the life of the other. In July 1981, a $ 500,000 policy on E's life was issued to M and a $ 250,000 policy on M's life was issued to E. In July 1982, E and M died simultaneously in an airplane crash. Held: Each policy is the separate property of the noninsured spouse. Accordingly, the proceeds of said policies are not includable in the insured spouse's gross estate under secs. 2042(2), 2038, or 2035, I.R.C.Held, further: The interpolated terminal…
1Opinion of the Court
Estate of Everard W. Marks, Jr., Deceased, Everard W. Marks III, Administrator, Petitioner v. Commissioner of Internal Revenue, Respondent; Estate of Mary A. Gengo Marks, Deceased, Everard W. Marks III, Administrator, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Marks v. Commissioner
Docket Nos. 48377-86, 48378-86
United States Tax Court
94 T.C. 720; 1990 U.S. Tax Ct. LEXIS 49; 94 T.C. No. 44;
May 23, 1990, Filed
Decision will be entered under Rule 155.
In April 1981, E and M, husband and wife and residents of Louisiana, a community property state, each applied for a life…
Also in this document: Dissent.
2Cases cited23 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Fusz v. CommissionerUnited States Tax Court · 1966
- Miami Beach First National Bank v. United StatesCourt of Appeals for the Fifth Circuit · 1971
- Estate of Gloria A. Lion, Deceased, Morton E. Rome and George L. Clarke, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1971
- Estate of Ellen M. Wien, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1971
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