SWAN, Circuit Judge.
In the year 1928 Bonwit Teller & Co., hereinafter referred to as the corporation, paid premiums of $46,434.90 upon policies of insurance issued on the life of Paul J. Bonwit, the taxpayer whose income tax for that year is in litigation. This appeal presents the question whether certain of the premiums so paid by the corporation constituted taxable income to the respondent.
The policies fall into three groups. One group consists of...
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