Thomas A. Connelly, as Executor of the Estate of Michael P. Connelly, Sr., Petitioner v. Internal Revenue Service

Justices Asked To Review Tax On $3M Life Insurance Payout

The estate of a man who died and left behind a life insurance policy allowing his family business to purchase his shares told the U.S. Supreme Court the estate was wrongly required to pay tax on the $3 million payout under an Eighth Circuit decision.