Bank of America Nat. Trust & Savings Ass'n v. Commissioner of Internal Revenue

HANEY, Circuit Judge.

Petitioner filed in this court a petition to review a decision of the Board of Tax Appeals sustaining a determination of re*982spondent that there was a deficiency in the estate tax paid for the year 1932 in connection with the estate of Merton J. Price, deceased.

Decedent and his wife were residents of California, where the community property law prevails. Decedent took out four policies of life insurance on his own life, as follows: Equitable Life Assurance Society of the United States policy for $10,000 dated October 23, 1927; two policies in Mutual Benefit Life Insurance…