Estate of Baratta-Lorton v. Commissioner
United States Tax Court
Petitioner did not include in the gross estate the proceeds of a term life insurance policy on the decedent's life, which was acquired within 3 years of the decedent's death. The owner and beneficiary of the policy was the decedent's husband. Payment of the policy premiums was made by the decedent's employer. The decedent and her husband orally agreed that the policy was to be the husband's separate property.
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Petitioner did not include in the gross estate the proceeds of a term life insurance policy on the decedent's life, which was acquired within 3 years of the decedent's death. The owner and beneficiary of the policy was the decedent's husband. Payment of the policy premiums was made by the decedent's employer. The decedent and her husband orally agreed that the policy was to be the husband's separate property. Held: The decedent did not possess any "incident of ownership" at death and therefore no part of the proceeds are taxable under section 2042, I.R.C., 1954. Held further: Payment of the…
1Opinion of the Court
ESTATE OF MARY BARATTA-LORTON, DECEASED, ROBERT BARATTA-LORTON, EXECUTOR, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Baratta-Lorton v. Commissioner
Docket No. 16711-82.
United States Tax Court
T.C. Memo 1985-72; 1985 Tax Ct. Memo LEXIS 558; 49 T.C.M. (CCH) 770; T.C.M. (RIA) 85072;
February 20, 1985.
Petitioner did not include in the gross estate the proceeds of a term life insurance policy on the decedent's life, which was acquired within 3 years of the decedent's death. The owner and beneficiary of the policy was the decedent's husband. Payment of the policy premiums was…
2Cases cited23 opinions
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- In Re Marriage of BouquetCalifornia Supreme Court · 1976
- Grimm v. GrimmCalifornia Supreme Court · 1945
- See v. SeeCalifornia Supreme Court · 1966
- Kenney v. KenneyCalifornia Supreme Court · 1934
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