William Howard Taft

“ The benefit to be gained by death has no periodicity. It is a substitution of money value for something permanently lost, either in a house, a ship, or a life. Assuming, without deciding, that Congress could call the proceeds of such indemnity, income, and validly tax it as such, we think that, in view of the popular conception of the life insurance as resulting in a single addition of a total sum to the resources of the beneficiary, and not in a periodical return, such a purpose on its part should be express, as it certainly is not here. ”

“ The union of proceeds of life insurance payable to individual beneficiaries and to the estate of the assured was thus intended to emphasize the exclusion from taxation in the hands of individuals of all such proceeds and to leave no doubt of it. ”

“ He was a man of ability, energy, and initiative, and was so regarded in the hardware trade. The returns from the company's business under Biddle's management had been much increased. At the instance of the board of directors and the expense of the company, he took out the two policies for $50,000 each. ”