Lang v. Commissioner
United States Board of Tax Appeals
1. Where decedent at the time of his death had 17 life insurance policies in force and effect on his life, in 14 of which the widow was named as beneficiary and in 3 of which their 3 children were each named as beneficiary, respectively, and in all the decedent retained the right to change the beneficiary, held, that the value thereof in excess of the $40,000 exemption is includable in decedent's gross estate, notwithstanding that the premiums, except a very small portion…
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1. Where decedent at the time of his death had 17 life insurance policies in force and effect on his life, in 14 of which the widow was named as beneficiary and in 3 of which their 3 children were each named as beneficiary, respectively, and in all the decedent retained the right to change the beneficiary, held, that the value thereof in excess of the $40,000 exemption is includable in decedent's gross estate, notwithstanding that the premiums, except a very small portion thereof, on such policies had been paid out of community funds. 2. Where moneys had been received by petitioner's decedent…
1Opinion of the Court
OPINION.
McMahon:
This is a proceeding for the redetermination of a deficiency in Federal estate tax in the amount of $75,136.91.
It was stipulated that, for the purpose of this proceeding only, the true valuation of the bond of the Dittenhofer Realty Co., a part of decedent’s gross estate, is $44,444; and that a deficiency in income tax *338in the amount of $661.85 for the period January 1 to December 23, 1929, is allowable in its entirety as a separate debt of the decedent, in addition to the amount of $20,646.55 which was paid on the separate return filed for the decedent for the above period and…
2Cases cited13 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Gould v. GouldSupreme Court of the United States · 1917
- Poe v. SeabornSupreme Court of the United States · 1930
- United States v. MerriamSupreme Court of the United States · 1923
- Helvering v. Independent Life InsuranceSupreme Court of the United States · 1934
8 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Tiffany v. CommissionerUnited States Tax Court · 1967
- United States v. StapfCourt of Appeals for the Fifth Circuit · 1962
- United States v. Dorothy Anne Stapf and B. T. Ware, Ii, Executors and Trustees of the Estate Oflowell H. Stapf, Deceased, and Dorothy Anne Stapf, Individually, Dorothy Anne Stapf and B. T. Ware, Ii, Executors and Trustees of the Estate Oflowell H. Stapf, Deceased, and Dorothy Anne Stapf, Individually v. United StatesCourt of Appeals for the Fifth Circuit · 1962
- Bank of America Nat'l Trust & Sav. Asso. v. CommissionerUnited States Board of Tax Appeals · 1936
- Estate of Law v. CommissionerUnited States Tax Court · 1964
3 more not listed; retrieve them via the Exa API.