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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