TUTTLE, Circuit Judge:
The principal issue in this case is whether the taxpayer is entitled, under the depreciation statute, 26 U.S.C.A. § 167, (1964 ed.), to amortize the purchase price of a Texas insurance management contract over a ten year term.
Bankers Life & Loan Company was a Texas mutual assessment insurance company which sold assessment life, health and hospitalization insurance to the public. Such a company is technically a non-profit organization...
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