Estate Seeks High Court Review in Insurance Payout Tax Dispute

The estate of a corporation founder has called on the US Supreme Court to review an Eighth Circuit holding that it must include life insurance proceeds as an asset in the company’s fair market value, saying it conflicts with rulings from other appeals courts.

The petition was filed to the high court by Thomas A. Connelly, the executor of the estate of Michael P. Connelly, who is fighting a $1 million tax deficiency assessed on the estate by the IRS after it determined that Crown C Corp., a St. Louis building materials company the Connellys owned, failed to report life ...