Cain v. Commissioner
United States Board of Tax Appeals
1. Under a policy of insurance on decedent's life issued in 1929, the income from the proceeds was to be paid to his wife for life; upon her death the proceeds were to be distributed in equal shares to each of their surviving children and to the surviving children of each of their deceased children; and in the event that the decedent outlived his wife and their children and grandchildren, the proceeds were to be paid to his estate.
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1. Under a policy of insurance on decedent's life issued in 1929, the income from the proceeds was to be paid to his wife for life; upon her death the proceeds were to be distributed in equal shares to each of their surviving children and to the surviving children of each of their deceased children; and in the event that the decedent outlived his wife and their children and grandchildren, the proceeds were to be paid to his estate. Decedent died in 1936. He was survived by his wife and by four children and nine grandchildren. At the time of his death decedent did not retain the right to…
1Opinion of the Court
*1135OPINION.
HaRRon:
The main question is whether all or any part of the proceeds of the insurance policy in the face amount of $50,000 which was issued by the Sun Life Assurance Co. upon the life of decedent should be included in the gross estate under section 302 (g) of the Bevenue Act of 1926, as amended by section 404 of the Bevenue Act of 1934.
The provisions of section 302 (g) as so amended are as follows:
The value of the) gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever…
2Cases cited10 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Klein v. United StatesSupreme Court of the United States · 1931
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Becker v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
5 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Bodell v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1943
- Ford v. KavanaughDistrict Court, E.D. Michigan · 1952
- Schultz v. United StatesCourt of Appeals for the Eighth Circuit · 1944
- Estate of Morris v. CommissionerUnited States Tax Court · 1966
- Estate of Shields v. CommissionerUnited States Tax Court · 1943
7 more not listed; retrieve them via the Exa API.