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Guggenheim v. Rasquin, 312 U.S. 254 (1941)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Guggenheim v. Rasquin, 312 U.S. 254 (1941)
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Guggenheim v. Rasquin No. 92 Argued January 6, 7, 1941 Decided February 3, 1941 312 U.S. 254
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Under § 506 of the Revenue Act of 1932, which provides that, for the purposes of the gift tax, the amount of a gift is "the value thereof at the date of the gift," the "value" in the case of single premium policies of life insurance, irrevocably assigned simultaneously with issuance, is the cost to the donor, and not the cash surrender value of the policies. P. 256.
2. Article 2(5) of Treasury Regulations 79, which provided that the
irrevocable assignment of a life insurance policy . . . constitutes a gift in the amount of the net cash surrender value, if any, plus the prepaid insurance adjusted to the date of the gift,
applied only to policies upon which current premiums were still being paid at the date of the gift, not to single premium policies. P. 258.
110 F.2d 371 affirmed.
Certiorari, 311 U.S. 628, to review the reversal of a judgment for the petitioner, 28 F.Supp. 322, in a suit for a tax refund.
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Chicago: U.S. Supreme Court, "Syllabus," Guggenheim v. Rasquin, 312 U.S. 254 (1941) in 312 U.S. 254 312 U.S. 255. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=759RXWR6P5MAXHH.
MLA: U.S. Supreme Court. "Syllabus." Guggenheim v. Rasquin, 312 U.S. 254 (1941), in 312 U.S. 254, page 312 U.S. 255. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=759RXWR6P5MAXHH.
Harvard: U.S. Supreme Court, 'Syllabus' in Guggenheim v. Rasquin, 312 U.S. 254 (1941). cited in 1941, 312 U.S. 254, pp.312 U.S. 255. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=759RXWR6P5MAXHH.
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