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Articles 1 - 24 of 24
Full-Text Articles in Insurance Law
Taxation-Federal Income Tax-Strike Insurance Agreements, Robert A. Butler S.Ed.
Taxation-Federal Income Tax-Strike Insurance Agreements, Robert A. Butler S.Ed.
Michigan Law Review
Contracts indemnifying persons or corporations for losses and damage resulting from an interruption of business due to strikes have existed at least since the beginning of this century. The Mutual Security Company of Connecticut, for example, wrote such a policy for the Buffalo Forge on April 9, 1906. In more recent times, strike insurance agreements have been instituted in major industries, and their impact on collective bargaining has been the subject of some controversy. The purpose of this comment is to consider the federal income tax questions which arise from such arrangements. Specifically, attention is directed to the deductibility of …
Federal Estate Tax - Marital Deduction - Annuity For Life With Guaranteed Certain Payments Not Divided Into Two Properties By Insurer's Accounting Treatment, William S. Bach
Michigan Law Review
Plaintiff, executor of decedent's estate, brought suit to recover an overpayment of federal estate tax. Decedent had purchased a life insurance policy and had elected an option under which proceeds would be paid to his wife in monthly payments for her life; however, the option also guaranteed a minimum of 240 payments. In the event the wife died before 240 payments were made, payments were to continue to decedent's daughter, or on the death of both wife and daughter, the commuted value of the remaining guaranteed payments would be paid in lump sum to the estate of the survivor. The …
Taxation - Federal Income Tax - Commission Received By Life Insurance Agent On Policies Purchased By Him Held To Be Taxable Income, Roger W. Findley S.Ed.
Taxation - Federal Income Tax - Commission Received By Life Insurance Agent On Policies Purchased By Him Held To Be Taxable Income, Roger W. Findley S.Ed.
Michigan Law Review
Taxpayer was agent for eleven life insurance companies. From two of them he purchased policies on the lives of his business partner, three key employees, and his children. He paid the regular premiums and subsequently received standard first-year and renewal commissions. When taxpayer did not include these in his gross income, the Commissioner assessed deficiencies and was sustained by the district court, On appeal, held, affirmed. A commission received by a life insurance agent on a policy purchased by him is taxable income. Ostheimer v. United States, (3d Cir. 1959) 264 F. (2d) 789, cert. den. 80 S.Ct. …
Inheritance Taxation - Selected Provisions Of Michigan, Illinois And Ohio - A Study In Application And Justification, Edward B. Stulberg S.Ed.
Inheritance Taxation - Selected Provisions Of Michigan, Illinois And Ohio - A Study In Application And Justification, Edward B. Stulberg S.Ed.
Michigan Law Review
This comment will explore the existing variations in four commonly encountered areas: joint interests with rights of survivorship, contingent remainder interests, powers of appointment, and life insurance proceeds. Emphasis will also be placed on treatment accorded the surviving spouse and children and the implicit relationship between such treatment and some of the above areas. The essence of this examination will be to inquire whether adoption of an estate tax would be a more suitable vehicle for implementing a local death tax program.
Federal Taxation - Tax Aspects Of Corporate Buy And Sell Agreement, Joel D. Tauber S.Ed.
Federal Taxation - Tax Aspects Of Corporate Buy And Sell Agreement, Joel D. Tauber S.Ed.
Michigan Law Review
It is the purpose of this comment to consider the tax problems connected with both types of "conventional" corporate buy and sell agreements. It should be recognized, however, that there are many questions of local law and business necessity that also exert influence on the use of such agreements.
Federal Taxation - Transferee Liability Of Insurance Beneficiary, John Gelder S.Ed.
Federal Taxation - Transferee Liability Of Insurance Beneficiary, John Gelder S.Ed.
Michigan Law Review
Nearly six years after taxpayer died income tax deficiencies were determined against his estate. Since his estate was insolvent the Commissioner sought to impose transferee liability under section 311 of the 1939 code (now I.R.C. section 6901) on plaintiff, taxpayer's widow, as beneficiary of" her husband's life insurance. The Tax Court, applying federal law, held plaintiff liable for the entire deficiency since the proceeds received by her exceeded that amount. The court of appeals, applying state law, reversed and ruled that the beneficiary was not a "transferee" within the meaning of section 311 even to the extent of the cash …
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Taxation - Federal Estate Tax - Insurance And Annuity Combinations, John B. Schwemm S.Ed.
Michigan Law Review
Decedent, aged seventy-six, invested in three single premium life insurance policies. Issuance of each was conditioned on the purchase of a single life, nonrefundable annuity of specified value, and no physical examination was required. Each combination was balanced so that the total premium, exclusive of loading charges, equalled the face value of the insurance. The resulting correlation between compound interest and annuity disbursements made the guaranteed payments to the annuitant correspond precisely with the expected income of a reinvestment of the entire deposit by the insurer. Decedent retained the annuity rights, but all present and future interests in the life …
Taxation - Federal Income Tax-What Constitutes Accident Or Health Insurance Under Section 22(B)(5)-, Marvin O. Young
Taxation - Federal Income Tax-What Constitutes Accident Or Health Insurance Under Section 22(B)(5)-, Marvin O. Young
Michigan Law Review
Plaintiff brought this action to recover federal income tax paid by him for the year 1945 on a sum of $1800 which plaintiff received from his employer pursuant to a "free" sickness benefits plan which plaintiff's employer had in effect, claiming that this amount was excludable from gross income under section 22(b)(5) as "amounts received through accident or health insurance." Plaintiff's employer was an insurance company with authority to write health and accident insurance, and "free" protection was given to all full-time salaried home and branch office employees who could pass a satisfactory medical examination. Many ordinary features of a …
Constitutional Law-Interstate Commerce-Congressional Consent To Discriminatory State Taxation, George Brody S.Ed.
Constitutional Law-Interstate Commerce-Congressional Consent To Discriminatory State Taxation, George Brody S.Ed.
Michigan Law Review
South Carolina statutes imposed upon foreign insurance companies a tax of 3 per cent of the aggregate premiums received from business done within the state, without reference to its interstate or local character, as a condition to receiving a certificate of authority to do business within the state. No similar tax was imposed upon domestic insurance companies. The Prudential Life Insurance Company, a New Jersey corporation doing business in South Carolina, refused to pay, contending that since it was a discriminatory tax it was unconstitutional. Furthermore, Prudential challenged the power of Congress to consent to the levying of such discriminatory …
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Michigan Law Review
Stated briefly, the effect of T. D. 5032 has thus been to revert to the original test of payment of premiums for determining when insurance has been "taken out" by the decedent, and to abandon ownership of the policy as a basis for including the proceeds in decedent's estate, thereby departing from the fundamental theory of estate taxation. Thus the regulations, in closing one door to tax avoidance, apparently open another. While this avenue of escape may be narrowed by judicial interpretation, a change in the regulations probably will be required to seal it completely.
Taxation Of Annuity Contracts Under Federal Income Tax, Robert Meisenholder
Taxation Of Annuity Contracts Under Federal Income Tax, Robert Meisenholder
Michigan Law Review
A number of questions dealing with the taxability of commercial annuity policies under death tax statutes have received judicial consideration. By contrast, only a few questions dealing with the taxability of these contracts under income tax laws have been raised before the courts. But the income tax problems are equally important in terms of tax liability. Moreover, they will in the future assume an even larger significance in view of the large number of annuity contracts of various types which have been issued and are now being offered by insurance companies. Accordingly some explanation of these problems is warranted.
Taxation - Income Tax - Exemption Of Proceeds Of Insurance Policies Payable In The Form Of An Annuity, Wilbur Jacobs
Taxation - Income Tax - Exemption Of Proceeds Of Insurance Policies Payable In The Form Of An Annuity, Wilbur Jacobs
Michigan Law Review
Plaintiff was the beneficiary of a life insurance policy payable in equal installments over a period of twenty years. The deferred payments had been substituted for payment of the face amount of the policy through an option in the policy exercised by the insured a short time before his death. The Commissioner of Internal Revenue included in gross income the amount by which each payment exceeded one-twentieth of the face amount of the policy on the theory that this excess was interest and hence not within the statute exempting insurance from gross income. Plaintiff sued to recover the tax paid. …
Taxation - Insurance Companies - Considerations For Annuity Contracts As "Premiums'' Received For Insurance Contracts, Michigan Law Review
Taxation - Insurance Companies - Considerations For Annuity Contracts As "Premiums'' Received For Insurance Contracts, Michigan Law Review
Michigan Law Review
The defendant commissioner of insurance refused to issue to plaintiff insurance company a certificate of authority to do business in Kansas unless plaintiff paid back taxes claimed to be due on considerations received for "annuity contracts" by the plaintiff, in Kansas, between 1927 and 1938 inclusive. The tax in question was "upon all premiums" received during the year, but the plaintiff contended the word "premiums" did not include considerations received for "annuity contracts." Plaintiff brought mandamus to compel defendant commissioner to issue a certificate of authority to do business. Held, three judges dissenting, that the word "premiums" included considerations …
Taxation - Federal Income Tax - Exemption Of Life Insurance Proceeds When Paid In The Form Of Annuity, Spencer E. Irons
Taxation - Federal Income Tax - Exemption Of Life Insurance Proceeds When Paid In The Form Of Annuity, Spencer E. Irons
Michigan Law Review
A taxpayer was the beneficiary of life insurance policies which required the insurance company to make fifty annual payments of $2,000 each. At the death of the insured in 1917, the commuted value of this obligation was $53,000. Prior to 1934, the taxpayer had received seventeen payments, aggregating $45,473.40, no part of which had been reported as income. For the year 1934, the taxpayer received $2,581.40, of which $2,000 was the annual payment, and $581.40 was an "excess interest" dividend. He again failed to include any of the amount in his gross income. The commissioner determined that under the Revenue …
Taxation - Income Tax - Insurance - Amounts Received By Stockholders Under Life Insurance Contract, C. V. Beck Jr.
Taxation - Income Tax - Insurance - Amounts Received By Stockholders Under Life Insurance Contract, C. V. Beck Jr.
Michigan Law Review
A corporation took out several policies of insurance on the life of its president, naming itself as beneficiary. Later, reserving the right to hypothecate the policies, it assigned them to a trustee who agreed to distribute the proceeds of the policies to the stockholders of record at the time of the president's death. At the death of the president the proceeds were paid by the insurance companies to the trustee who then paid them pro rata to the stockholders. At this time the corporation had on hand earnings equivalent to the amount of distribution, and there was no showing that …
Taxation -Income From Irrevocable Funded Insurance Trusts - Constitutionality Of Statute
Taxation -Income From Irrevocable Funded Insurance Trusts - Constitutionality Of Statute
Michigan Law Review
The settlor created irrevocable trusts to pay premiums on policies of insurance issued on his life in favor of irrevocably-named beneficiaries. Held, that sec. 219 (h), Rev. Acts 1924, 1926, making income from trusts taxable to the settlor, is constitutional. Burnet v. Wells, (U. S. 1933) 53 Sup. Ct. 7.61.1
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Carriers of Passengers - Duty to Stop at Station to Permit Passenger to Alight-Contributory Negligence of Passenger Plaintiff's intestate was riding in the front end of a crowded vestibule car in the coach next to the tender of the eengine. When the train stopped at his station he tried to leave by the front end, but found the door from the vestibule closed. As he did not know how to open it, or was unwilling to be carried by his station, he stepped from his platform to the bumper of the tender and tried to follow it to the side …
Note And Comment, Ralph W. Aigler, Edson R. Sunderland, Clarence E. Eldridge, Mckee Robison
Note And Comment, Ralph W. Aigler, Edson R. Sunderland, Clarence E. Eldridge, Mckee Robison
Michigan Law Review
The Corporation Tax Decision; The Rights of Passengers in an Unregistered Automobile; Expert Testimony in Michigan; Federal Supreme Court's Jurisdiction Unalterable;
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Assignment for Creditors--Validity of Common Law Assignment Under State Statutes--Assignee May Maintain Replevin; Bills and Notes--Fraud--Ability to Read; Bills and Notes--Signature by Agent or Representative--Personal Liability; Boundaries--Meander Line as Boundary in Government Grants--Mistake in Survey; Carriers--Liability as Carriers of Live Stock; Contracts--Antenuptial Agreements--Performance Prevented by Party; Courts--Supreme Court--Review of Decisions of State Courts; Courts--United States Courts Enjoining Proceedings in State Courts--establishment of Railroad Rates by Commission; Criminal Law--Larceny--Fraudulent Use of Legal Process; Criminal Law--Reception of Verdict--Accused's Right to be Present; Dead Bodies--Power of Court to Order Exhumation to Procure Evidence; Evidence--Burden of Proof; Evidence--compelling Accused to Criminate Himself--Waiver of Privilege; …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Bankruptcy--General Assignment--Liens Acquired by Assignee; Bills and Notes--Contract of Wife--bona Fide Purchasers; Bills and Notes--Non-Existing Payee--Negotiable Instruments Law; Constitutional Law--Jurisdiction of Federal Courts--suits Against A State; Contracts--Agreement in Restraint of Trade if Severable and Reasonable as to Part is Valid; Corporations--Taxation--Franchise Tax; Elections--Primary Elections--Use of Emblem on Ballots; Evidence--Competency of Witness--Transaction With Agent, Since Deceased; Evidence--Judicial Notice of "Football Season"; Evidence--Public Records of Another State; Guaranty--Change in Principal Contract--Discharge of Guarantor; Injunction--Vendee's Fraud Vitiates Right to Use Patented Machine; Insurance--Mutual Life Insurance--Invalid By-Law--Waiver of Breach; Interstate Commerce--Power of Courts to Enjoin Enforcement of Rates; Judgment--Of Foreign Country--Conclusiveness; Judgment--Power of Court …
Note And Comment
Michigan Law Review
The Case of Bigelow v. Calumet and Hecla Mining Company et al., Involving the Question of the Control by One Corporation of a Competing Corporation; The right of the Federal or a State government to Maintain an Action for the Recovery of Taxes; Liability of a Life Insurance Company When the Insured is Executed for the Commission of a Crime; Jurisdiction of a Court of Equity to Restrain the Commission of Criminal Acts; Municipal Contracts for Patented or Proprietary Paving
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Agency--Evidence of Performance--right to Compensation--Acting for both Parties; Assignment for Benefit of Creditors--Marshaling Assets; Bonds--Bona Fide Purchasers--Mandamus--Redemption of Bonds; Carriers--may, as Lessors, Contract for Total Exemption from Liability for Negligence; Constitutional law--Jurisdiction of Federal Courts to Review Contempt Proceedings in State Court; Contracts--Accord and Satisfaction--Consideration; Criminal Law--Venue--Statutes--Validity; Damages--Conversion; Deeds--Construction--Intent of Parties; Deeds--Seal Essential; Dower--rights of Widow Pending Assignment--Possession of Lands; Eminent domain--Interurban Railways; Evidence--Presumption as to Foreign Law; Fee Simple Estate--Restraints on Alienation; Fraudulent Conveyances--Sales in Bulk--Validity as Between the Parties--Lien for Price; Husband and Wife--Separation Agreements--Validity; Insurance--Fire--Concurrent Insurance; Insurance--Mutual Benefit--Unreasonable Change of By-Laws; Judgment--Res Judicata; Master and Servant--Liability of …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Bankruptcy--Insurance Policies--Cash Surrender Value; Bankruptcy--Partnership and Individual Assets; Bills and Notes--Payment by the United States of Pension Checks on Forged Indorsements--Recovery of Payment; Common Carriers--Defective Transfers; Constitutional Law--Commerce in Intoxicating Liquors--License Tax of Traveling Salesman; Constitutional Law--Equal Protection of the Law--State Statute; Constitutional law--Police Power--Flag Legislation; Contracts--Assignments of--Right of Assignee Against Debtor; Corporations--Acquisition of Exemption in Merger; Deeds--Construction and Operation--Reservation and Exception; Deeds--Suit to Set Aside--Duress of Wife--Parties in Pari Delicto; Evidence--Confessions to One Not in Authority--Admissibility; Foreign Corporations--Effect on contracts of Failure to Register--Contracts; Fraud--Independent Investigation; Frauds, Statute of--agreement to Deal in Lands; Husband and Wife--Right to Disposition of …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Aliens - Right to Take Land by Descent - Loss of State's Right to Escheat; Bailment - Liability of Incidental Bailee; Bankruptcy - Preferences - Franchise Tax; Bankruptcy - Transfers Required to be Recorded - Preferences; Bills and Notes - Bona Fide Purchaser - Notice of Want of Power in Transferrer; Bills and Notes - Unrestricted Negotiability of Bills of Lading; Constitutional Law - Commerce Clause - Statute Relating to Interstate Carriers as Employers; Constitutional Law - Indeterminate Sentence Law; Courts - Rules of Property - Stare Decisis; Criminal Law - Exclusion of Public from Trials; Criminal Law - Impeachment …