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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.
Insurance - Right Of Insurer To Be Subrogated To Claim Of Insured Against A Third Person Where It Has Paid A Claim On Which It Was Not Liable, Michigan Law Review
Insurance - Right Of Insurer To Be Subrogated To Claim Of Insured Against A Third Person Where It Has Paid A Claim On Which It Was Not Liable, Michigan Law Review
Michigan Law Review
Plaintiff paid insured for damage done to his building because of the defendant's negligence, and received a subrogation receipt from the insured. Plaintiff now sues for damages in its own name and for its own benefit. The policy provided that it should be void if the insured did not have sole and unconditional ownership of the property. Title to the damaged property was in the name of the insured's wife, and therefore the policy was void. Held, since the insurer was not obligated under the policy, it was a mere volunteer, and could not be subrogated to the insured's …