N. W. D. Inv. Co. v. Commissioner
United States Tax Court
1. Individual life insurance policies issued to all officers and wives of corporate petitioner were issued as part of a group term life insurance plan and the premiums paid by corporate petitioner constituted additional compensation to the officers and are deductible as such by the corporation. 2. The premiums paid on the individual policies issued to the officers qualify for exclusion under sec. 79, I.R.C. 1954, but the premiums on the policies issued on the officers' wives…
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1. Individual life insurance policies issued to all officers and wives of corporate petitioner were issued as part of a group term life insurance plan and the premiums paid by corporate petitioner constituted additional compensation to the officers and are deductible as such by the corporation. 2. The premiums paid on the individual policies issued to the officers qualify for exclusion under sec. 79, I.R.C. 1954, but the premiums on the policies issued on the officers' wives do not so qualify. 3. Company-owned automobiles taken home overnight was for the business interests of the employer and…
1Opinion of the Court
N.W.D. INVESTMENT CO., ET AL. 1 v. COMMISSIONER OF INTERNAL REVENUE, Respondent
N. W. D. Inv. Co. v. Commissioner
Docket Nos. 10814-80, 10815-80, 10816-80, 10817-80, 10818-80, 10819-80, 10820-80.
United States Tax Court
T.C. Memo 1982-564; 1982 Tax Ct. Memo LEXIS 182; 44 T.C.M. (CCH) 1246; T.C.M. (RIA) 82564;
September 27, 1982.
1. Individual life insurance policies issued to all officers and wives of corporate petitioner were issued as part of a group term life insurance plan and the premiums paid by corporate petitioner constituted additional compensation to the officers and are deductible as…
2Cases cited6 opinions
- Electric & Neon, Inc. v. CommissionerUnited States Tax Court · 1971
- Challenge Mfg. Co. v. CommissionerUnited States Tax Court · 1962
- Commissioner v. RissCourt of Appeals for the Eighth Circuit · 1967
- Epstein v. CommissionerUnited States Tax Court · 1969
- Enright v. CommissionerUnited States Tax Court · 1971
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Whitcomb v. CommissionerUnited States Tax Court · 1983
- Leyman Manufacturing Corp. v. United StatesUnited States Court of Claims · 1985
- Whitcomb v. CommissionerUnited States Tax Court · 1983