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YARNALL v. COMMISSIONER

Docket No. 12998.

9 T.C. 616 (1947)

ALEXANDER C. YARNALL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 9, 1947.

Attorney(s) appearing for the Case

H. Ober Hess, Esq., for the petitioner.

William H. Best, Jr., Esq., for the respondent.

The Commissioner determined deficiencies of $2,472.71 and $2,422.60 in the petitioner's income tax for the calendar years 1943 and 1944. The only issue for decision is whether the petitioner is entitled to deduct for each year the amount which he paid in that year as premiums on policies of insurance on the life of his debtor and partner in his brokerage business, Herbert V. B. Gallager.

FINDINGS OF FACT.

The petitioner...

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