Tags: Case, Legal Case, Supreme Court Of The United States Case, Unit Of Work.
Knetsch v. United States 364 U.S. 361 (1960) was a decision by the United States Supreme Court concerning taxation law.The taxpayer was a saver who was convinced to buy a deferred annuity because the inside buildup on such policies is tax-deferred. However he wanted to claim a deduction on the money he borrowed that he used to buy the annuity. The IRS won and the taxpayer was denied the deduction.