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JAMES F. WATERS, INC. v. COMMISSIONER OF INTERNAL REV.

No. 11252.

160 F.2d 596 (1947)

JAMES F. WATERS, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Ninth Circuit.

Rehearing Denied April 25, 1947.

Attorney(s) appearing for the Case

Everett S. Layman, of San Francisco, Cal. (John P. Fryer and A. J. Cathcart, both of San Francisco, Cal., of counsel), for petitioner.

Sewall Key, Acting Asst. Atty. Gen., Helen R. Carloss and Harry Marselli, Sp. Assts. to Atty. Gen., for respondent.

Before GARRECHT, HEALY, and BONE, Circuit Judges.

HEALY, Circuit Judge.

This case is here on review of a decision of the Tax Court sustaining the Commissioner's determination of deficiencies in income tax, declared value excess profits tax, and excess profits tax for the calendar year 1941.

The taxpayer is a dealer in automobiles. In 1938 it acquired certain insurance policies written on the life of its president, who was also its principal stockholder, these policies having been originally taken out by the...

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