Case Name: Appeal of HENRY S. KLINE
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1926-04-01
Citations: 3 B.T.A. 1138
Docket Number: Docket No. 5284
Parties: Appeal of HENRY S. KLINE.
Judges: Before Smith, James, Littleton, and Trussell.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 3
Pages: 1138–1138

Head Matter:
Appeal of HENRY S. KLINE.
Docket No. 5284.
Submitted January 12, 1926.
Decided April 1, 1926.
Henry B. Kline, Esq., pro se.
Ellis W. Manning, Esq., for the Commissioner.
Before Smith, James, Littleton, and Trussell.

Opinion:
FINDINGS OF FACT.
The taxpayer was the insured under policy No. 3377217, issuec 'by the New York Life Insurance Co. on November 29, 1902. The face value of the policy was $10,000. Under its terms 10 annua' premiums of $965.20 each were paid. The policy was fully paic up prior to March 1, 1913. No dividends or other distributions were made upon the policy prior to November 11, 1922, on whicl date the taxpayer received in settlement of the policy $14,830.10 The cash surrender value of the policy on March 1, 1913, was $9,070 The total amount of premiums paid on the policy amounted tc $9,652. The Commissioner based his computation of profit upor a value on March 1, 1913, of $9,070, the cash surrender value.
The deficiency for the year 1922 is $376.13. Order of redetermination will be entered accordingly.