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FRIEDMAN v. C. I. R.

No. 15979.

346 F.2d 506 (1965)

S. M. FRIEDMAN and Esther G. Friedman, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

June 12, 1965.

Attorney(s) appearing for the Case

Philip J. Wolf, Cleveland, Ohio (Jerry M. Hamovit, Cleveland, Ohio, on the brief), for petitioners.

Jonathan S. Cohen, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Melva M. Graney, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before WEICK, Chief Judge, and CECIL and O'SULLIVAN, Circuit Judges.

WEICK, Chief Judge.

S. M. Friedman was the owner of a twenty-year endowment policy in the face amount of $100,000, issued to him by Mutual Benefit Life Insurance Company on October 28, 1938.1 His adjusted basis therefor at the times pertinent here was $60,000.

In 1957 and 1958 Friedman arranged with the Insurance Company to divide this large policy into five separate smaller policies totaling $100,000 and containing substantially...

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