Cornwell v. Commissioner
United States Tax Court
Held, widow's right of withdrawal of the proceeds of life insurance policies existed immediately upon insured husband's death and her withdrawal rights were exercisable in all events so as to qualify the proceeds for marital deduction under section 812(e)(1)(G), I.R.C. 1939, even though limited to a monthly interest due date 30 days after receipt by insurer of due proof of death of insured.
1Opinion of the Court
Estate of John J. Cornwell, Deceased, Sallie C. Ailes, Administratrix, Petitioner, v. Commissioner of Internal Revenue, Respondent
Cornwell v. Commissioner
Docket No. 69458
United States Tax Court
37 T.C. 688; 1962 U.S. Tax Ct. LEXIS 212;
January 15, 1962, Filed
Decision will be entered under Rule 50.
Held, widow's right of withdrawal of the proceeds of life insurance policies existed immediately upon insured husband's death and her withdrawal rights were exercisable in all events so as to qualify the proceeds for marital deduction under section 812(e)(1)(G), I.R.C. 1939, even though limited to a…
2Cases cited3 opinions
- Estate of Thomas C. Werbe, American Fletcher National Bank and Trust Company, Administrator, C.T.A. v. United StatesCourt of Appeals for the Seventh Circuit · 1959
- Cornwell v. CommissionerUnited States Tax Court · 1962
- Eggleston v. DudleyCourt of Appeals for the Third Circuit · 1958