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What is Tax Exemption on Insurance Proceeds about?

1. El Oriente Fabrica de Tabacos, Inc. took out an insurance policy on the life of its manager, A. Velhagen, naming itself as the beneficiary to protect itself from losses if the manager died. 2. When the manager died, El Oriente received the insurance proceeds of over $100,000. The Collector of Internal Revenue assessed income tax on the proceeds, which El Oriente paid under protest. 3. The court ruled the insurance proceeds were not taxable income for El Oriente. As a corporate beneficiary, the Philip

Author

Man2x Salomon

Language

EN