Attorney(s) appearing for the Case
Richard Katcher, Esq., for the petitioners.
Buckley D. Sowards, Esq., for the respondent.
United States Tax Court.
Respondent has determined a deficiency in the income tax of petitioners for the year 1958 in the amount of $23,100.99. Petitioner claims an overpayment in his income tax for 1958.
The issues presented for our decision are (1) whether gain realized by petitioner Theodore H. Cohen upon the transfer of certain life insurance endowment policies is taxable as ordinary income or long-term capital gain; and (2) if such gain was taxable as ordinary...
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