Benjamin Franklin Life Assurance Co. v. Commissioner
United States Board of Tax Appeals
Petitioner was organized as a mutual life insurance company under the laws of California. It obtained the funds necessary for deposit with the insurance commissioner of that state from another corporation which had contracted to act as "General Manager" for petitioner.
Read the full summary
Petitioner was organized as a mutual life insurance company under the laws of California. It obtained the funds necessary for deposit with the insurance commissioner of that state from another corporation which had contracted to act as "General Manager" for petitioner. In return it gave to the general manager a "Certificate of indebtedness" which, after acknowledging receipt of a "contribution" and fixing the rate of interest at 5 percent, provided that principal and interest should be payable only out of the surplus remaining after providing for all reserves and other liabilities. The…
1Opinion of the Court
BENJAMIN FRANKLIN LIFE ASSURANCE CO., A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Benjamin Franklin Life Assurance Co. v. Commissioner
Docket No. 101813.
United States Board of Tax Appeals
46 B.T.A. 616; 1942 BTA LEXIS 845;
March 12, 1942, Promulgated
Petitioner was organized as a mutual life insurance company under the laws of California. It obtained the funds necessary for deposit with the insurance commissioner of that state from another corporation which had contracted to act as "General Manager" for petitioner. In return it gave to the general manager a…
2Cases cited6 opinions
- Manhattan Mut. Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Richmond, Fredericksburg & Potomac R.R. v. CommissionerUnited States Board of Tax Appeals · 1936
- National Grange Mut. Liability Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Brush-Moore Newspapers, Inc. v. CommissionerUnited States Board of Tax Appeals · 1938
- Benjamin Franklin Life Assurance Co. v. CommissionerUnited States Board of Tax Appeals · 1942
1 more not listed; retrieve them via the Exa API.