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ESTATE OF SNIDER v. COMMISSIONER

Docket No. 58199.

31 T.C. 1064 (1959)

ESTATE OF HARRY SNIDER, LENA SNIDER, EXECUTRIX, AND LENA SNIDER, INDIVIDUALLY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 27, 1959.

Attorney(s) appearing for the Case

Joseph J. Krohn, Esq., and Samuel Freedman, C.P.A., for the petitioners.

Frank V. Moran, Jr., Esq., for the respondent.

Respondent determined a deficiency in income tax for calendar year 1950 in the amount of $10,445.32. Petitioners claim an overpayment of $1,289.06. The sole issue presented is whether petitioners' decedent constructively received taxable income in the amount of $21,384.63 in 1950 upon his election under a life annuity contract to substitute for the future annuity payments the insurer's simultaneous agreement to pay the principal in a different manner.

FINDINGS OF...

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