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ATLANTIC OIL COMPANY v. PATTERSON

No. 20809.

331 F.2d 516 (1964)

ATLANTIC OIL COMPANY, Appellant, v. George D. PATTERSON, District Director of Internal Revenue, Appellee.

United States Court of Appeals Fifth Circuit.

April 23, 1964.

Attorney(s) appearing for the Case

Erle Pettus, Jr., Birmingham, Ala., Rives, Peterson, Pettus & Conway, Birmingham, Ala., of counsel, for appellant.

Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Atty., Dept. of Justice, Washington, D. C., Macon L. Weaver, U. S. Atty., Birmingham, Ala., I. Henry Kutz, Gary P. Smith, Attys., Dept. of Justice, Washington, D. C., E. Ray Acton, Asst. U. S. Atty., for appellee.

Before RIVES, BELL and WRIGHT, Circuit Judges.

PER CURIAM.

Proceeds of a life insurance policy are not includable in gross income and therefore not taxable. Internal Revenue Code of 1954, § 101 (a) (1). The question presented by this appeal is whether the accident insurance policy in suit was void as a wagering contract, and its proceeds therefore taxable. The jury so found. We find no basis in the record for disturbing the jury's verdict.

The taxpayer's "company policy" is to have accident insurance...

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