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MINCHIN v. C. I. R.

No. 291, Docket 28508.

335 F.2d 30 (1964)

Henry C. MINCHIN, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided July 20, 1964.

Attorney(s) appearing for the Case

Israel Machtey, New York City, for petitioner.

Edward L. Rogers, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and David O. Walter, Attys., Dept. of Justice, on the brief), for respondent.

Before LUMBARD, Chief Judge, and WATERMAN and MARSHALL, Circuit Judges.

MARSHALL, Circuit Judge.

This case presents the familiar question whether amounts paid as "interest" to a life insurance company which issued a single-premium annuity policy to the taxpayer, and then proceeded to "loan" him back amounts up to the cash or redemption value of the policy without any other security or recourse on the note, are deductible under sections 23(b) of the Internal Revenue Code of 1939 and 163(a) of the 1954 Code. Or, as the Supreme Court put...

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