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FIDELITY-PHILA. TRUST CO. v. SMITH

No. 130.

356 U.S. 274 (1958)

FIDELITY-PHILADELPHIA TRUST CO. ET AL., EXECUTORS, v. SMITH, COLLECTOR OF INTERNAL REVENUE.

Supreme Court of United States.

Decided April 28, 1958.

Attorney(s) appearing for the Case

Robert T. McCracken argued the cause for petitioners. With him on the brief was John B. Leake.

Myron C. Baum argued the cause for respondent. With him on the brief were Solicitor General Rankin, Assistant Attorney General Rice and Harry Baum.

MR. CHIEF JUSTICE WARREN delivered the opinion of the Court.

The question before the Court is whether the proceeds of certain insurance policies on the life of the decedent, payable to named beneficiaries and irrevocably assigned by the insured, should be included in the estate of the decedent for the purposes of the federal estate tax. The facts are not in dispute. In 1934 decedent, then aged 76, purchased a series of annuity-life insurance policy combinations. Three...

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