Supreme Court of the United States

Connelly v. United States

June 6, 2024602 U.S. 257

Summary

The Supreme Court held that a corporation’s contractual obligation to redeem a decedent’s shares at fair market value does not offset life‑insurance proceeds used for the redemption, so those proceeds must be included in the corporation’s fair market value when valuing the shares for estate tax purposes, and affirmed the lower courts’ judgment.