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BARRETT v. C. I. R.

No. 6458.

348 F.2d 916 (1965)

W. Stanley BARRETT et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

July 19, 1965.

Attorney(s) appearing for the Case

Richard F. Canning, Providence, R. I., with whom Andrew P. Quinn and Letts & Quinn, Providence, R. I., were on brief, for petitioners.

J. Edward Shillingburg, Attorney, Department of Justice, with whom Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and Melva M. Graney, Attorneys, Department of Justice, were on brief, for respondent.

Before ALDRICH, Chief Judge, and MARIS and BURGER, Circuit Judges.

BURGER, Circuit Judge.

This appeal involves the question whether election made by one of the petitioners to take paid-up life insurance policies under an option in matured endowment policies held by him gave rise to capital gain or to ordinary income. The endowment policies when issued provided that at maturity the petitioner as the insured would have four options: receipt of (1) a monthly income for life; (2) a lump-sum cash payment; (3) a paid-up life insurance...

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