United States Trust Co. v. Helvering

The sole question is whether proceeds of a War Risk Insurance policy payable to a deceased veteran’s widow were properly included in his gross estate under a federal estate tax.

The federal estate tax in question 1 included in a decedent’s gross estate the amount in excess of forty thousand dollars received by “beneficiaries [other than his estate] as insurance under policies taken out by the decedent upon his own life.” This veteran’s total life insurance for beneficiaries other than his estate exceeded at death the statutory exemption of forty thousand dollars, if his War Risk Insurance…