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SWANSON v. C. I. R.

Nos. 74-1594, 74-1777, 74-1595, 74-1778, 74-1596 and 74-1779.

518 F.2d 59 (1975)

W. Clarke SWANSON, Jr., 1950 Trust Under Instrument Dated January 3, 1955, Swanco Trust Company, Trustee, Petitioner-Appellee and Cross-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant and Cross-Appellee. Carol Swanson RHODEN, 1950 Trust Under Instrument Dated January 3, 1955, Swanco Trust Company, Trustee, Petitioner-Appellee and Cross-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant and Cross-Appellee. Gerock Hurley SWANSON, 1950 Trust Under Instrument Dated January 3, 1955, Swanco Trust Company, Trustee, Petitioner-Appellee and Cross-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant and Cross-Appellee.

United States Court of Appeals, Eighth Circuit.

Filed June 13, 1975.

Attorney(s) appearing for the Case

Robert Bernstein, Atty., Tax Div., U. S. Dept. of Justice, Washington, D. C., for Commissioner.

Donald R. Osborn, Sullivan & Cromwell, New York City, for Swanco Trust Co.

Before HEANEY and STEPHENSON, Circuit Judges, and TALBOT SMITH, Senior District Judge.

STEPHENSON, Circuit Judge.

These appeals and cross-appeals from a decision of the Tax Court, reported at P-H Memo T.C. ¶ 74,061 (1974), present the question of whether proceeds received under life insurance policies are excludable from gross income in the case of a transfer for valuable consideration under the exceptions created in Section 101(a)(2)(B) (26 U.S.C. § 101(a)(2)(B)).1

The government appeals from that portion...

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