In 1933 the Wall Street brokerage house of Jacquelin & De Coppet, greatly worried over what might happen to stock prices in the event of Franklin Roosevelt's death, took out in England a £60,000 insurance policy on his life. It then deducted the premium, $23,102, from its 1933 income tax return as a business expense. The Commissioner of Internal Revenue disallowed it. So, last week, did the U. S. Board of Tax Appeals, declaring the case "wholly unique in the business history of this country."
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