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Table 8
Policy # Date Issued Amount Received by Nancy
2190403 06/17/64 $14,458
125-727 02/01/72 100,919
128-813 06/01/73 100,740
1071929 04/01/75 100,442
1069919 04/01/75 50,250
1096151 03/05/79 24,507
1096152 03/17/79 75,463
18013005 12/22/80 489,163
3614323 11/22/83 175,773
001337321 --- 473,050
1,604,765
1 Policies originally owned by Dawn Joy.
The 1982 premiums on the first eight policies listed in
table 8 aggregated about $16-17,000; these policies provided
almost $1,000,000 of the proceeds that were paid to Nancy. The
record does not permit us to determine when policy number
001337321 was issued, nor how much the premiums cost.
The Estate
Sheldon's probate estate was insolvent. The estate tax
return showed that there was no estate tax liability. Respondent
agreed and issued a closing letter to this effect.
At Sheldon's death, in addition to the life insurance,
discussed supra, Nancy received Sheldon's interest in their
jointly owned Franklin Federal Tax Free Income Fund (valued at
$250,011) by operation of law. Also, in October of 1985 Nancy
received Sheldon's interest in their jointly owned home in New
Jersey. The home was valued at $650,000 on Sheldon's estate tax
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