1950)[1] was a United States income tax case before the Second Circuit.

The Court held as follows: A corporation, anticipating its executive's retirement, purchases an "endowment policy," entitling him (the policy-holder) to a lump-sum-certain when he retires in 15 years.

The executive must include the premium immediately, as his "basis" for his new policy.

The stakes for the government are as follows:[2] Text of United States v. Drescher, 179 F.2d 863 (2nd Cir.

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