Holyoke Mut. Fire Ins. Co. v. Commissioner
United States Tax Court
Petitioner was chartered in 1843 as a mutual fire insurance company under the laws of Massachusetts. Since 1873 it has had a guaranty fund of $ 100,000 divided into 1,000 shares. The shareholders are entitled to receive interest at 7 per cent per year, cumulatively, and to elect half the board of directors all of whom must be policyholders. Held, the petitioner is taxable under section 207, I. R. C. 1939, as a mutual insurance company.
1Opinion of the Court
Holyoke Mutual Fire Insurance Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Holyoke Mut. Fire Ins. Co. v. Commissioner
Docket No. 51780
United States Tax Court
28 T.C. 112; 1957 U.S. Tax Ct. LEXIS 210;
April 23, 1957, Filed
Decision will be entered for the petitioner.
Petitioner was chartered in 1843 as a mutual fire insurance company under the laws of Massachusetts. Since 1873 it has had a guaranty fund of $ 100,000 divided into 1,000 shares. The shareholders are entitled to receive interest at 7 per cent per year, cumulatively, and to elect half the board of directors all of…
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