Barron v. Commissioner

opinion.

Van Fossan:

Petitioner asks redetermination of a deficiency of $1,976.17 for the years 1922 and 1923, the sole question being the deductibility of payments of $2,691.46 in 1922 and $2,641 in 1923, t,he amounts of premiums paid by taxpayer on insurance policies placed on the life of the taxpayer and made payable to a bank to cover a loan to taxpayer.

Section 215 (a) (4) of the Revenue Act of 1921 provides that in computing net income no deduction shall be allowed in respect of

Premiums paid on any life insurance policy covering the life of any officer or employee, or of any person…