McNally v. Evatt

The sole question for determination is whether the decision of the Board of Tax Appeals is reasonable and lawful. The appellant lays great stress upon his claim that this was an annuity contract, and that the Board of Tax Appeals treated it as an insurance policy and by reason thereof came to the conclusion which was unreasonable and unlawful.

The contract here in question is an instalment refund life annuity as between the company and-the annuitant, which terminated on the death of the annuitant.

At the time the contract was executed, the annuitant was in her 59th year. Had she lived 18 years…