Although “[t]he amounts payable to beneficiaries under the system were not funded or reinsured by any independent insurance company [,] . . . we fully approve the Trial Court’s holding that the [payment] constituted amounts received under a life insurance contract.”
How later courts described this case
- Although “[t]he amounts payable to beneficiaries under the system were not funded or reinsured by any independent insurance company [,] . . . we fully approve the Trial Court’s holding that the [payment] constituted amounts received under a life insurance contract.”
Written by the judges who cited it.
The opinion
FAHY, Circuit Judge
(dissenting):
I am of opinion that the history of the over-all problem, considered with the language and juxtaposition of the two provisions of the Internal Revenue Code of 1954 to be construed, show a congressional intent, which should control, that the payments to the widow in this case under the Georgia Survivor’s Benefit Program are to be governed for federal income tax purposes by the provisions of Section 101(b) rather than of Section 101(a). For this reason I respectfully dissent.