OPINION
SCOTT, Judge:
Respondent determined a deficiency in petitioner's income tax for the taxable year ended March 31, 1964, in the amount of $12,787.37.
The only issue for decision is whether the proceeds of a life insurance policy received by petitioner in its taxable year ended March 31, 1964, are excludable as amounts received "under a life insurance contract * * * by reason of death of the insured," within the meaning of section 101...
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