Old Colony Trust Co. v. Commissioner
United States Board of Tax Appeals
Certain individuals received payments totaling $40,000, as beneficiaries named in an annuity contract, upon the death of the annuitant. Held, the contract under which the payments were received was not a policy of life insurance and the payments received were not received as insurance so as to be exempt from estate tax within the provisions of section 302(g), Revenue Act of 1926.
1Opinion of the Court
*436OPINION.
Harp.on :
The question involved in this proceeding is whether $40,000 received by beneficiaries of the decedent is taxable as an asset of the estate or whether it is properly excluded from the value of the gross estate as insurance received by beneficiaries under policies taken out by the decedent upon his own life being not in excess of $40,000 so as to be within the exemption allowed by section 302 (g) of the Revenue Act of 1926.
Section 302 (g) of the Revenue Act of 1926 provides as follows:
Seo. 302. The value of the gross estate of the decedent shall he determined by including the…
2Cases cited4 opinions
- Ritter v. Mutual Life Ins. Co. of NYSupreme Court of the United States · 1898
- Commonwealth v. Metropolitan Life InsuranceSupreme Court of Pennsylvania · 1916
- State Ex Rel. Thornton v. Probate CourtSupreme Court of Minnesota · 1932
- Ballou v. FisherOregon Supreme Court · 1936
3Cited by5 opinions
- Central Hanover Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1939
- Chemical Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Keller v. CommissionerUnited States Board of Tax Appeals · 1939
- Old Colony Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- State Ex Rel. Gully v. Mut. L. Ins. Co.Mississippi Supreme Court · 1940