VANDERLIP v. COMMISSIONER OF INTERNAL REVENUE

No. 65.

155 F.2d 152 (1946)

VANDERLIP et al. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

April 23, 1946.


Attorney(s) appearing for the Case

Edwin W. Cooney, Elmer J. Hoare, and Edward E. Watts, Jr., all of New York City (Alexander Hammond and Pauline Taylor, both of New York City, of counsel), for petitioners.

Carlton Fox and J. Louis Monarch, Sp. Assts. to the Atty. Gen., and Sewall Key, Acting Asst. Atty. Gen., for respondent.

Before L. HAND, SWAN and FRANK, Circuit Judges.


L. HAND, Circuit Judge.

This appeal is from an order of the Tax Court, assessing against executors a deficiency in their estate taxes. The cause was tried upon stipulated facts, the substance of which was as follows. Before 1918, the testator had taken out policies of life insurance, aggregating nearly a million dollars, upon which he had borrowed before June 1, 1932, all that the insurers would lend. On that day he delivered and assigned all the policies to four...

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