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witnesses at face value if we find that the outward appearance of
the facts in their totality conveys an impression contrary to the
spoken word. See Boehm v. Commissioner, 326 U.S. 287, 293
(1945); Wilmington Trust Co. v. Helvering, 316 U.S. 164, 167-168
(1942); see also Gallick v. Baltimore & O. R. Co., 372 U.S. 108,
114-115 (1963); Diamond Bros. Co. v. Commissioner, 322 F.2d 725,
730-731 (3d Cir. 1963), affg. T.C. Memo. 1962-132.
Petitioners called eight fact witnesses and one expert
witness. Petitioners’ fact witnesses were Drs. Desai,
Hirshkowitz, and Mall, Messrs. Ankner, Mall, and Ross, and AEGON
USA employees Paula Jackson and Timothy Vance. Petitioners’
expert witness was Jay M. Jaffe, F.S.A., M.A.A.A. (Mr. Jaffe).
Mr. Jaffe is the president and sole consultant of Actuarial
Enterprises, Ltd., and we generally recognized him as an expert
on the characterization of an insurance policy as term insurance.
We recognized him as such but expressed concern as to whether he
was actually an unbiased expert who could help us. Mr. Jaffe
generally testified that the C-group term policy and the C-group
conversion UL policy were separate insurance products with no
interrelationship.
Respondent called two fact witnesses and one expert witness.
Respondent’s fact witnesses were Mr. Cohen and Vincent Maressa,
the latter of whom is the executive director and general counsel
of the Medical Society of New Jersey. Respondent’s expert
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