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Taxation - Optional Valuation Date Under Federal Estate Tax - Inclusion Of Income Received During Year After Decedents Death In The Valuation Of The Gross Estate, Jay W. Sorge
Michigan Law Review
The executors of three different estates elected the optional valuation date provided in the federal estate tax and were compelled, because of a Treasury regulation, to include rents, interest, and regular dividend payments received during the year after the decedent's death in their valuation of the gross estate. In actions to recover overpayment of the tax, the regulation was upheld by the lower federal courts, and the cases were brought to the Supreme Court by certiorari. Held, regular dividend, interest, and rent payments received by the estate between the decedent's death and the optional valuation date one year later, …
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 …