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COMMISSIONER OF INTERNAL REVENUE v. KELLER'S ESTATE

No. 7242.

113 F.2d 833 (1940)

COMMISSIONER OF INTERNAL REVENUE v. KELLER'S ESTATE et al.

Circuit Court of Appeals, Third Circuit.

May 28, 1940.

Attorney(s) appearing for the Case

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Berryman Green, and Carlton Fox, Sp. Assts. to Atty. Gen., for petitioner.

Ferdinand T. Weil and Weil, Christy & Weil, all of Pittsburgh, Pa., for respondents.

Before BIGGS, CLARK, and JONES, Circuit Judges.

CLARK, Circuit Judge.

No one knows better than insurance salesmen that only the "excess over $40,000" of life insurance proceeds receivable by beneficiaries other than the insured's executor are subject to the estate tax, 26 U.S.C.A. Int.Rev.Code, § 811 (g). This $40,000 exemption, a unique characteristic of their general stock in trade, is quite naturally stressed to the customer. Sometimes, however, it is stressed...

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