Morse v. Commissioner
United States Board of Tax Appeals
After certain 20-payment life insurance policies had been fully paid up the insured designated beneficiaries "without power of revocation." Thereafter, the insurance company became involvent and receivers were appointed by the court. Held, the cash surrender value of the policies is not deductible from the income of the insured as a loss under section 23(e), Revenue Act of 1932.
1Opinion of the Court
ROBERT H. MORSE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Morse v. Commissioner
Docket No. 86551.
United States Board of Tax Appeals
37 B.T.A. 399; 1938 BTA LEXIS 1044;
February 23, 1938, Promulgated
After certain 20-payment life insurance policies had been fully paid up the insured designated beneficiaries "without power of revocation." Thereafter, the insurance company became involvent and receivers were appointed by the court. Held, the cash surrender value of the policies is not deductible from the income of the insured as a loss under section 23(e), Revenue Act of 1932.
P.…
2Cases cited1 opinion
- Morse v. CommissionerUnited States Board of Tax Appeals · 1938