Klein v. Commissioner of Internal Revenue

EVANS, Circuit Judge.

This appeal presents three questions-growing out of the Board’s denial of taxpayers’ asserted right to make deductions-from their taxable income., The first asserted deduction is from the 1924 and 1925 returns and applies to both, petitioners. It represents the amounts paid, to sisters, pursuant to a contract negotiated April 19, 1913, in settlement of a threatened contest of the will of the father by said sisters.

The second question arises out of asserted deductions, from the gross 1926 and! 1927 income, of substantial premium payments upon life insurance negotiated by…