United States Board of Tax Appeals July 5, 1929, Docket No. 22388. (Berizzi Bros. Co. v. Commissioner)

lead-opinion

*1308OPINION.

Morris:

The petitioner herein claims as ordinary and necessary business expenses certain premiums paid on life insurance policies covering the lives of its president and treasurer, The deduction *1309is claimed under section 234 (a) (1) of the Revenue Act of 1921, but in determining- the issue, recourse must be had to the inhibition contained in section 215 (a) (4) of