Beck v. Commissioner
United States Board of Tax Appeals
GIFT TAX - INCOME USED FOR BENEFIT OF GRANTOR. - Grantor, providing that income of an irrevocable funded insurance trust for the benefit of his wife and daughters should be used to pay premiums on insurance on his life, has thus reserved to himself economic benefits in the property, the value of which was not a taxable gift.
1Opinion of the Court
MARTIN BECK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Beck v. Commissioner
Docket No. 99439.
United States Board of Tax Appeals
43 B.T.A. 147; 1940 BTA LEXIS 841;
December 20, 1940, Promulgated
GIFT TAX - INCOME USED FOR BENEFIT OF GRANTOR. - Grantor, providing that income of an irrevocable funded insurance trust for the benefit of his wife and daughters should be used to pay premiums on insurance on his life, has thus reserved to himself economic benefits in the property, the value of which was not a taxable gift.
Ben Herzberg, Esq., for the petitioner.
Arthur W. Carnduff, Esq.,…
2Cases cited11 opinions
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Burnet v. WellsSupreme Court of the United States · 1933
- Rasquin v. HumphreysSupreme Court of the United States · 1939
- Guy T. Helvering, Commissioner of Internal Revenue v. Edmund O. Schweitzer.Supreme Court of the United States · 1935
- Walker v. CommissionerUnited States Board of Tax Appeals · 1939
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