Clise v. Commissioner
United States Board of Tax Appeals
1. For estate tax purposes, section 811(g), Internal Revenue Code, a policy taken out by the decedent upon her own life the proceeds of which are receivable by beneficiaries other than her estate is to be regarded as insurance, irrespective of the contemporaneous issuance to her of an annuity contract as a condition of the issuance of the policy.
Read the full summary
1. For estate tax purposes, section 811(g), Internal Revenue Code, a policy taken out by the decedent upon her own life the proceeds of which are receivable by beneficiaries other than her estate is to be regarded as insurance, irrespective of the contemporaneous issuance to her of an annuity contract as a condition of the issuance of the policy. Estate of Anna M. Keller,39 B.T.A. 1047, followed. 2. An annuity was purchased by the decedent within two years of death, payable to himself for life and thereafter to another for life. The annuitant had no right to commute the payments or change the…
1Opinion of the Court
*823OPINION.
SteRnhagen:
1. As to the New York Life Insurance Co. policies No. 12,073,779 and No. 12,467,023, the Commissioner held them to be annuity contracts, the value of which is included within the gross estate in its entirety and not only to the extent of the excess over $40,000. Internal Revenue Code, sec. 811 (g). This is contrary to Estate of Anna M. Keller, 39 B. T. A. 1047; on review C. C. A., 3d Cir.; Estate of Cecile Le Gierse, 39 B. T. A. 1134; on review C. C. A., 2d Cir.; and is therefore reversed.
2. The Commissioner included the value of the annuity contracts in the gross estate…
2Cases cited7 opinions
- Hassett v. WelchSupreme Court of the United States · 1938
- May v. HeinerSupreme Court of the United States · 1930
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Burnet v. WhitehouseSupreme Court of the United States · 1931
- Cyrus H. McCormick v. David BurnetSupreme Court of the United States · 1931
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Commissioner of Internal Rev. v. Wilder's EstateCourt of Appeals for the Fifth Circuit · 1941
- Clise v. CommissionerUnited States Board of Tax Appeals · 1940
- Peek v. United StatesDistrict Court, E.D. Pennsylvania · 1941