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insurance policy with the last $20,000 that Roark sent it. The
$160,000 that is still in dispute is the total of $158,000 that
NCF made toward the insurance policy, and the $2,000 Roark sent
to NCF for administrative fees.
OPINION
The Commissioner argues that the $160,000 in dispute should
be disallowed entirely because it was not properly substantiated
by NCF under section 170(f)(8) and section 1.170A-13(f), Income
Tax Regs., and because (applying the step-transaction doctrine)
the series of interrelated transactions was in substance an
attempted gift of a partial interest in a life insurance policy,
and so not deductible under section 170(f)(3). He also claims
that the deduction must at the very least be limited to the
excess of Roark’s contributions over the economic benefit he
received.
As we noted at the outset, we have already decided two very
similar cases on the first ground that the Commissioner suggests,
and our decisions were in both cases affirmed. Addis v.
Commissioner, 118 T.C. 528 (2002), and Weiner v. Commissioner,
T.C. Memo. 2002-153. Unless these cases can be distinguished,
they govern.7
7 Roark argues in his brief that Addis was not binding on
this Court while it was pending an appeal. This is wrong. We
are bound by the reviewed decisions of this Court. Groetzinger
v. Commissioner, 82 T.C. 793, 797 n.11 (1984), affd. 771 F.2d 269
(continued...)
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