Du Pont v. Commissioner
United States Tax Court
1. On the date of his death, Richard C. du Pont owned five single premium life insurance policies which he had taken out on his father's life. Decedent also owned a one-fifth undivided interest in a trust, the sole assets of which consisted of 17 life insurance policies on the life of his father. The father survived the decedent.
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1. On the date of his death, Richard C. du Pont owned five single premium life insurance policies which he had taken out on his father's life. Decedent also owned a one-fifth undivided interest in a trust, the sole assets of which consisted of 17 life insurance policies on the life of his father. The father survived the decedent. Held: For estate tax purposes, the proper measure of value of such policies, to the extent of decedent's interest therein at the date of his death, is the replacement cost thereof or, in the absence of such replacement cost, the respective interpolated terminal…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
This case presents two questions of first impression, the first, involving the proper valuation for estate tax purposes of the insurance policies owned by decedent or in which ■he had an interest in trust at his death on the life of his surviving father. The pertinent portion of the statute is section 811 (a), Internal Bevenue Code.1
On the date of his death, Bichard C. du Pont owned five single premium life insurance policies which he had taken out on his father’s life. Decedent also owned a one-fifth undivided interest in a trust, the sole assets of which consisted…
2Cases cited9 opinions
- United States v. RyersonSupreme Court of the United States · 1941
- Guggenheim v. RasquinSupreme Court of the United States · 1941
- Powers v. CommissionerSupreme Court of the United States · 1941
- Welliver v. CommissionerUnited States Tax Court · 1947
- Wilmington Trust Co. v. Mutual Life Ins. Co.District Court, D. Delaware · 1948
4 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Melrose v. Capitol City Motor Lodge, Inc.Indiana Supreme Court · 1998
- Estate of Richard C. Du Pont, Deceased, Wilmington Trust Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1956
- Donaldson v. CommissionerUnited States Tax Court · 1959
- Estate of Kalahasthi v. United StatesDistrict Court, C.D. California · 2008
- Donaldson v. CommissionerUnited States Tax Court · 1959
1 more not listed; retrieve them via the Exa API.