United States Trust Co. v. Helvering, 307 U.S. 57 (1939)

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United States Trust Co. v. Helvering


No. 453


Argued March 3, 1939
Decided April 17, 1939
307 U.S. 57

CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT

Syllabus

1. An estate tax is not a tax upon the property of which an estate is composed, but is an excise upon the transfer of or shifting in relationships to property at death. P. 60.

2. The proceeds of a War Risk Insurance policy payable to a deceased veteran’s widow were properly included in his gross estate for the purpose of computing the federal estate tax. Revenue Act of 1926, § 302(g), as amended. P. 60.

3. Section 22 of the World War Veterans’ Act, 1924, providing that such insurance "shall be exempt from all taxation," does not prevent. P. 59.

4. No provision of the Government’s contract with an insured veteran is impaired in violation of the Fifth Amendment by the inclusion in his gross estate of proceeds of a War Risk Insurance policy for the purpose of computing the federal estate tax. P. 60.

98 F.2d 734 affirmed.

Certiorari, 305 U.S. 591, to review the affirmance of a decision of the Board of Tax Appeals sustaining a determination of a deficiency in federal estate tax.