CHOY, Circuit Judge:
Mr. Alex, a life insurance agent, noticed that by selling a large amount of insurance on behalf of his company he could receive in commissions, office allowances, and bonuses an amount greater than the insureds' first-year premiums. To build his volume, he "sold" insurance in 1972 in violation of California law by reimbursing some insureds' premium payments and by paying other insureds' premiums himself. The Tax Court held that Alex could not...
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