Jennings v. Commissioner
United States Tax Court
Decedent left the proceeds of an insurance policy to his surviving spouse under an interest option with an inter vivos right of withdrawal.
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Decedent left the proceeds of an insurance policy to his surviving spouse under an interest option with an inter vivos right of withdrawal. The power of appointment in the surviving spouse was subject to limitations which provided that the insurance company could defer any payment until it had received proof of death, that the insurance company could require 90 days' notice before principal withdrawal, that the surviving spouse could withdraw principal only on interest due dates, that the surviving spouse could make principal withdrawals only in multiples of $ 500, and that, if the surviving…
1Opinion of the Court
OPINION.
Dawson, Judge:
The respondent determined a deficiency in estate tax in the Estate of Charles R. J ennings in the amount of $11,965.94.
The only issue is whether the decedent’s surviving spouse held a sufficient power of appointment over the proceeds of a life insurance policy so as to qualify such proceeds for inclusion in the estate tax marital deduction under section 2056(b) (6) of the Internal Revenue Code of 1954.1
All facts have been stipulated and are so found.
Citizens Fidelity Bank and Trust Company (hereinafter referred to as the petitioner) is a corporation duly organized and…
2Cases cited3 opinions
- Eggleston v. DudleyCourt of Appeals for the Third Circuit · 1958
- Estate of Thomas C. Werbe, American Fletcher National Bank and Trust Company, Administrator, C.T.A. v. United StatesCourt of Appeals for the Seventh Circuit · 1959
- Cornwell v. CommissionerUnited States Tax Court · 1962
3Cited by3 opinions
- Estate of Fiedler v. CommissionerUnited States Tax Court · 1976
- Estate of Fiedler v. CommissionerUnited States Tax Court · 1976
- Jennings v. CommissionerUnited States Tax Court · 1962