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FEDERAL NATIONAL BANK OF SHAWNEE v. COMMISSIONER

Docket No. 15342.

8 T.C.M. 534 (1949)

The Federal National Bank of Shawnee, Oklahoma v. Commissioner.

United States Tax Court.

Entered May 18, 1949.

Attorney(s) appearing for the Case

John E. Marshall, Esq., Commerce Exchange, Oklahoma City, Okla., for the petitioner. John P. Higgins, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

DISNEY, Judge:

This case involves a deficiency in income tax in the amount of $8,494.79 for the year 1944. The petition also alleges overpayment in the amount of $2,658.51.

The only issue to be determined is whether the net proceeds of a life insurance policy held on the life of one Patrick H. Adams, in the amount of $19,645.24, should be included in petitioner's gross income for the year 1944.

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