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Keith v. Commissioner of Internal Revenue.

January 5, 1944

KEITH
v.
COMMISSIONER OF INTERNAL REVENUE.



Petition to Review a Decision of the United States Tax Court.

Author: Hand

Before SWAN, AUGUSTUS N. HAND, and CHASE, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

The taxpayer was the owner of two participating insurance policies in the Equitable Life Assurance Society. The dividends paid thereon could either be withdrawn or applied to the reduction of the premiums due. On or about August 4, 1939, the taxpayer owed the insurance company $18,844.33 which he had borrowed against the security of his policies. On that date he executed two applications for loans totalling $1,862.27 and the company applied these additional loans as follows:

Policy No. 2226602:

(a) Interest on outstanding balance of petitioner's

indebtedness for period March 1, 1939 to August 4, 1939 $257.04

(b) Prepaid interest on petitioner's outstanding

indebtedness for period August 4, 1939 to March 1, 1940 367.09

Policy No. 2228280:

(c) Interest on outstanding balance of petitioner's

indebtedness for period March 1, 1939 to August 4, 1939 226.20

(d) Prepaid interest on outstanding indebtedness for period

August 4, 1939 to March 1, 1940 ...


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