Thomas A. Connelly, as Executor of the Estate of Michael P. Connelly, Sr., Petitioner v. Internal Revenue Service
Case Number:
23-146
Court:
Nature of Suit:
Firms
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July 02, 2024
Top Federal Tax Cases Of 2024: Midyear Report
In the first half of the year, the U.S. Supreme Court torpedoed the Chevron doctrine of judicial deference to federal agencies and affirmed the denial of a tax refund to a business owner's estate related to a life insurance payout, while the U.S. Tax Court reversed itself regarding a rule for conservation easements. Here, Law360 reviews federal court decisions from the past six months that tax attorneys should know.
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June 06, 2024
Justices Affirm Taxing Of Estate On Insurance Payout
The U.S. Supreme Court affirmed on Thursday a decision denying a tax refund to the estate of an owner of a building materials company that used a payout from his $3.5 million life insurance policy to purchase his shares in the business.
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March 27, 2024
Justices Grapple With Complex $3M Estate Tax Dispute
The U.S. Supreme Court confronted a complicated dispute Wednesday over whether the estate of a deceased building supply company owner should be taxed on $3 million in life insurance proceeds the company used to buy his shares after his death, with two justices seeming to take opposing sides.
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March 22, 2024
Up Next At High Court: Abortion, Jury Trials And Estate Tax
The U.S. Supreme Court will hear oral arguments this week over the U.S. Food and Drug Administration's decision expanding access to popular abortion pill mifepristone as well as whether juries should determine a defendants' eligibility for repeat offender enhanced sentencing under the Armed Career Criminal Act and how long federal employees have to appeal adverse employment decisions.
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March 15, 2024
Justices Told Estate Incorrectly Taxed On Insurance Payout
The federal government's argument that the $3.5 million in life insurance proceeds a company used to redeem a deceased owner's shares increased both the company's value and its dead owner's estate tax liability ignores "economic reality," the estate told the U.S. Supreme Court on Friday.
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February 26, 2024
Estate Correctly Taxed On Insurance Payout, Justices Told
The U.S. Supreme Court should affirm a decision denying a tax refund to the estate of an owner of a building materials company that used a payout from his $3.5 million life insurance policy to purchase his shares in the business, the federal government argued.
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January 24, 2024
IRS Wrongly Taxed Insurance Payout, Estate Tells Justices
The Eighth Circuit wrongly allowed the IRS to tax a life insurance payout meant to maintain a family's control of its St. Louis building materials company, the estate of the company's deceased co-owner told the U.S. Supreme Court in an opening brief Wednesday.
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December 13, 2023
Justices To Review Tax Row Over $3.5M Life Insurance Policy
The U.S. Supreme Court agreed Wednesday to review a decision denying a tax refund to the estate of the owner of a building materials company that used a payout from his $3.5 million life insurance policy to purchase his shares in the business.
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November 14, 2023
Estate Says Justices Should Settle Insurance Payout Tax Split
An estate that claims it was wrongly taxed on a life insurance policy payout told the U.S. Supreme Court on Tuesday that the government diminished the significance of a circuit split on the issue and that the justices need to resolve the matter.
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October 31, 2023
Justices Urged To Uphold Tax On $3.5M Life Insurance Payout
The estate of a man whose $3.5 million life insurance policy directed his brother to purchase his shares in their closely held company was correctly required to pay federal estate tax on the payout, the federal government told the U.S. Supreme Court.