9th Cir.
11-71957
The court of appeals affirmed a decision of the Tax Court. The court held that the amount of a taxpayers variable universal life insurance policy that was statutorily actually distributed to him was the fair market value of what was actually distributed, not the full stated policy value. Further, the court held, surrender charges associated with that policy could be taken into consideration as part of the general inquiry into the policys taxable fair market value.