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SHIRAR v. C.I.R.

No. 88-7451.

916 F.2d 1414 (1990)

Cecil H. SHIRAR and Jessie May Shirar, Petitioners-Appellants, v. COMMISSIONER INTERNAL REVENUE SERVICE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided October 16, 1990.

As Amended November 6, 1990.

Attorney(s) appearing for the Case

Bruce I. Hochman and Avram Salkin, Hochman, Salkin, and DeRoy, Beverly Hills, Cal., for petitioners-appellants.

Kim Stanley, Atty., Tax Div., U.S. Dept. of Justice, Washington, D.C., for respondent-appellee.

Before SNEED, HUG and LEAVY, Circuit Judges.

LEAVY, Circuit Judge:

Cecil H. Shirar ("Shirar") purchased a life insurance policy to obtain liquidity in the event of his wife's death. Part of the coverage was financed with funds loaned by the insurer against the cash value of the policy. Shirar sought to deduct the interest on these loans under 26 U.S.C. § 163(a).1 The Commissioner of Internal Revenue ("Commissioner") disallowed the deductions and assessed a deficiency. The Tax...

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