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
JACOBS, Judge:
By separate notices of deficiency, respondent determined deficiencies in estate taxes in these consolidated cases as follows:
Petitioner Deficiency
Estate of Everard W. Marks, Jr. $276,598.85 (Everard’s estate)
Estate of Mary A. Gengo Marks. 118,203.58 (Mary’s estate)
By answer to the respective petitions (the amended petition with respect to Everard’s estate), respondent asserted increased deficiencies against each estate; as increased the deficiencies are:
Petitioner Deficiency
Everard’s estate. $324,116.19
Mary’s estate. 213,128.57
Everard W. Marks, Jr. (Everard), and Mary A. Gengo…
2Cases cited19 opinions
- 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
- Estate of Joseph Leder, Deceased, Jeanne Leder v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1989
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3Cited by6 opinions
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- Estate of Harrison v. CommissionerUnited States Tax Court · 2000
- Estate of Judith U. Harrison v. CommissionerUnited States Tax Court · 2000
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