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Washington, D.C., December 31, 1934. To Officers of Internal Revenue and Others:
The within decisions of the Commissioner of Internal Revenue, rendered during the calendar years 1932 to 1934, inclusive, upon the construction to be given to the various acts of Congress relating to the internal revenue, are published for the information and guidance of officers of the internal revenue and others concerned.
This volume contains Treasury decisions numbered 4331 to 4503, inclusive, and embraces rulings of the Treasury Department made during the calendar years 1932 to 1934, inclusive.
GUY T. HELVERING, Commissioner of Internal Revenue.
(T. D. 4331)
Washington, D. C. To Collectors of Internal Revenue and Others Concerned:
Article 27 of Regulations 70 (1929 edition), approved March 23, 1929, as amended by T. D. 4296, approved August 6, 1930, is further amended to read as follows:
ART. 27. Insurance receivable by other beneficiaries.-All insurance taken out by the decedent upon his own life, as defined in article 25, in excess of $40,000 receivable by beneficiaries other than the estate, regardless of when taken out, must be included in the gross estate where the decedent during his life retained legal incidents of ownership in the policies of insurance, as, for example, a power to change the beneficiary, to surrender or cancel the policies, to assign them, to revoke an assignment of them, to pledge them for loans, or to dispose otherwise of them and their proceeds for his own benefit, etc.
The estate is entitled to only one exemption of $40,000 upon insurance receivable by beneficiaries other than the estate. For example, if the decedent left life insurance payable to three such beneficiaries in amounts of $10,000, $40,000, and $50,000 (total $100,000), the full amount should be listed on the return and therefrom substracted the $40,000 exemption as provided in Schedule C of Form 706. The word “beneficiaries," as used in reference to the $40,000 exemption, means persons entitled to the actual enjoyment of the insurance money.
David BURNET, Commissioner of Internal Revenue. Approved February 5, 1932: A. A. BALLANTINE,
Acting Secretary of the Treasury.
(T. D. 4332)
Income tax Amending T. D. 3856, as amended, to permit inspection of returns by State
officers for State intangible-property tax purposes
TREASURY DEPARTMENT, Washington, D. C. To Collectors of Internal Revenue and Others Concerned:
T. D. 3856 (C. B. V-1, 106) as amended by T. D. 4187 (C. B. VII-2, 161), T. D. 4264 (C. B. VIII-1, 93), T. D. 4291 (C. B. IX-1,