United States v. Aetna Life Ins. Co. of Hartford, Conn.

HINCKS, District Judge.

1. The taxpayer, one Frank P. Nistle of Pennsylvania, on or about March 4, 1920, entered into a policy of life insurance having substantial endowment features with the defendant, the Aetna Life Insurance Company of Hartford, Connecticut. Under the terms of the policy, power was reserved to the taxpayer to elect to receive in lieu of the specified endowment benefits the stated cash value of the policy; also to change the beneficiary designated to receive the death benefit upon his written request “accompanied with the policy for proper endorsement.” Ever since April 5,…