Hugo Black

“ An estate tax is not levied upon the property of which an estate is composed. It is an excise imposed upon the transfer of or shifting in relationships to property at death. [9] The tax here is no less an estate tax because the proceeds of the policy were paid by the Government directly to the beneficiary ”

“ Petitioner makes the further point that the inclusion of proceeds of the War Risk policy for purposes of an estate tax amounts to an impairment of the Government's contract with the insured veteran, in violation of the Fifth Amendment to the Constitution, U.S.C.A. But neither the Act of 1924, as amended, nor any of the provisions of the War Risk Insurance Act purported to exempt War Risk Insurance from death duties. Therefore, no statutory exemption which could be considered a provision of the insurance contract has been affected by the imposition of the estate tax in this case. ”

“ Similarly, the statutory immunity of War Risk Insurance from taxation does not include an immunity from excises upon the occasion of shifts of economic interests brought about by the death of an insured. ”