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CHAPIN v. McGOWAN

No. 248, Docket 25207.

271 F.2d 856 (1959)

Alline E. CHAPIN and John E. Chapin, Executors of the Estate of Harrison L. Chapin, deceased; and Alline E. Chapin, individually, Plaintiffs-Appellants, v. George T. McGOWAN, District Director of Internal Revenue, Defendant-Appellee.

United States Court of Appeals Second Circuit.

Decided November 27, 1959.

Attorney(s) appearing for the Case

Sidney R. Rubin, Rochester, N. Y., for plaintiffs-appellants.

Charles K. Rice, Asst. Atty. Gen., Leo A. Jackson, Harry Baum, Joseph Kovner, Attys., Dept. of Justice, Washington, D. C., John O. Henderson, U. S. Atty., Buffalo, N. Y., Roderick M. Cunningham, Asst. U. S. Atty., W.D.N.Y., Rochester, N. Y., for defendant-appellee.

Before HINCKS, LUMBARD and WATERMAN, Circuit Judges.

PER CURIAM.

In 1938 and 1939 Harrison L. Chapin purchased ten single premium ten-year endowment policies on the lives of his children and one son-in-law. These policies were purchased with funds obtained by a bank loan. Until 1942 Chapin deducted from his gross income on his income tax returns the annual interest paid on the borrowed funds. However, beginning with the year 1942 section 24(a) (6) of the 1939 Revenue Code, 26 U.S.C.A. § 24(a) (6), was in effect...

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