United States Third Circuit

Corporate-owned life insurance policies lacked economic substance where they had no net economic effect on taxpayer's position, and were agreed upon based solely on benefits to the taxpayer, thus the policies were an economic sham.

Appellate Information

• Argued 10/30/2001
• Decided 08/16/2002
• Published 08/16/2002

Judges

• Before:  SLOVITER, NYGAARD and AMBRO, Circuit Judges.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Michael I. Saltzman, Esquire, Lawrence M. Hill, Esquire, White & Case, Myron Kirschbaum, Esquire (Argued), Howard Kleinhendler, Esquire, Kaye, Scholer, Fierman, Hays & Handler, New York, NY, Pauline K. Morgan, Esquire, Young, Conaway, Stargatt & Taylor, Wilmington, DE, for Appellant., Bernard J. Long, Jr., Esquire, J. Michael Hines, Esquire, Paul R. Lang, Esquire, Leslie H. Wiesenfelder, Esquire, Mark E. Liniado, Esquire, Suzanne R. Garment, Esquire, Dow, Lohnes & Albertson, Jerome B. Libin, Esquire, Sutherland, Asbill & Brennan, Washington, D.C., for Amicus Curiae-Appellant.


• For Appellees:
  
• Claire Fallon, Acting Assistant Attorney General, Robert W. Metzler, Esquire, Richard Farber, Esquire, Dennis M. Donohue, Esquire (Argued), United State Department of Justice, Tax Division, Alex E. Sadler, Esquire, United States Department of Justice, Washington, D.C., James D. Hill, Esquire, Internal Revenue Service, Office of Chief Counsel, Cincinnati, OH, for Appellee.