Income Tax Treatment of Life Insurance Proceeds: And Other Tax Articles

2d Cir accounting accrual actually addition amount annual annuity apply assets assigned assumed avoid basis becomes beneficiary benefit capital cash claim collection Commissioner consideration constitute constructive contract corporation cost court death debt decedent deduction designation determine discussed dividend donee donor elected employee estate tax example excess exempt existing expenses extent Federal funds gain gift tax give gross income hand held included income tax individual installments interest Internal Revenue Code later liability loss maturity method named obligation option owner ownership paid payable payment pays the premiums period portion possible premiums premiums paid principal prior problems proceeds profit provides purchase reason receipt received requirement result rule saving Son's spouse statute stockholders substantial surrender taxable taxation taxpayer tion transfer treated treatment trust wife