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which a policy on the life of one spouse is deemed the separate
property of the other spouse when the noninsured spouse is named
as owner and beneficiary of the policy. See Estate of Marks v.
Commissioner, 94 T.C. 720 (1990); Bergman v. Commissioner, 66
T.C. 887 (1976); Estate of Saia v. Commissioner, 61 T.C. 515
(1974). Similarly, respondent maintains that here, too, Catalano
v. United States, supra, settles the issue in this case in a
manner consistent with respondent’s position and is binding on
this Court pursuant to the rule of Golsen v. Commissioner, 54
T.C. 742 (1970), affd. 445 F.2d 985 (10th Cir. 1971).
In Golsen v. Commissioner, supra at 757, this Court
established the rule that we shall “follow a Court of Appeals
decision which is squarely in point where appeal from our
decision lies to that Court of Appeals” (the Golsen rule). We
subsequently have further clarified the doctrine’s reach,
emphasizing that it is “a narrow exception” and should be applied
only when the following rationale prompting its development rings
true: “where a reversal would appear inevitable, due to the
clearly established position of the Court of Appeals to which an
appeal would lie, our obligation as a national court does not
require a futile and wasteful insistence on our view.” Lardas v.
Commissioner, 99 T.C. 490, 494-495 (1992).
Specifically, we have made clear that the Golsen rule does
not apply where the precedent from the Court of Appeals contains
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