Legal Opinion
Karl F. Knetsch and Eva Fay Knetsch v. United States
Court of Appeals for the Ninth Circuit
Decided November 16, 1959No. 16356PublishedCited by 28 opinions
1Opinion of the Court
STEPHENS, Circuit Judge.
On December 11, 1953, the taxpayers purchased ten single premium annuity bonds from the Sam Houston Life Insurance Company. The purchase price of $4,004,000 was paid by a note for $4,-000,000 and $4,000 in cash. The note was without recourse, and was secured by the annuity bonds. Interest on the note at three and one-half percent per annum, amounting to $140,000 was paid in cash. On December 16, $99,000 was sent to the taxpayers by Sam Houston as an additional loan, and the taxpayers paid the company $3,465 in interest. The bonds bore interest at the rate of two and…
2Cases cited2 opinions
- Carl E. Weller and Emily I. Weller v. Commissioner of Internal Revenue, W. Stuart Emmons v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- United States v. Robert Rutherford Bond and Margaret E. BondCourt of Appeals for the Fifth Circuit · 1958
3Cited by28 opinions
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Brown v. CommissionerUnited States Tax Court · 1985
- Stanton v. CommissionerUnited States Tax Court · 1960
- MacRae v. CommissionerUnited States Tax Court · 1960
- Robert M. Diggs and Clara C. Diggs v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
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