Second National Bank v. Department of Taxation

I agree with the judgment, to the extent that it holds that amounts paid under the “retirement annuity” contracts were not exempt from inheritance taxation as “proceeds of * * * life insurance” within the meaning of Section 5731.06, Revised Code. However, in my opinion, the refusal, in determining the inheritance tax, to permit deduction of any indebtedness of decedent’s estate, in excess of the amount of its probate assets, is erroneous for several reasons.

Taking approximate figures and disregarding $28 of the debts against this estate, it will simplify consideration of this case, without…