Tax Court holds that decedent retained incidents of ownership and estate included life insurance

The Tax Court, in the Estate of Coaxum v. C.I.R., held that a taxable estate included the value of annuities and the value of life insurance policies in which the decedent retained incidents of ownership.  The Court also held that it lacked jurisdiction to determine whether a third party was entitled to a section 691(c) deduction.

"See, Decedent Retained Incidents of Ownership, Estate Included Life Insurance, Tax Court Holds, 2011 TNT 117-10"

Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal