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SCHWAB v. C.I.R.

No. 11-71957.

715 F.3d 1169 (2013)

Michael P. SCHWAB; Kathryn J. Kleinman, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Ninth Circuit.

Filed April 24, 2013.

Attorney(s) appearing for the Case

Teresa E. McLaughlin (argued), Tamara W. Ashford , and Damon W. Taaffe , Tax Division, Department of Justice, for Appellant.

Jay R. Weill (argued), Sideman & Bancroft LLP, San Francisco, California, for Appellee.

Before: MICHAEL DALY HAWKINS and MILAN D. SMITH, JR., Circuit Judges, and JAMES G. CARR, District Judge.

OPINION

M. SMITH, Circuit Judge:

The tax court determined that the "amount actually distributed"1 when a couple received ownership of two life insurance policies after their employer wound down their employees' benefit trust was "the fair market value of what was actually distributed." Schwab v. Comm'r, 136 T.C. 120, 131 (2011). It further held that surrender charges associated with a variable...

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