Federal Nat'l Bank v. Commissioner
United States Tax Court
Upon original trial the petitioner argued that the determination of deficiency was arbitrary and capricious, in that the Commissioner had determined that an insurance policy was transferred to petitioner for consideration but had not deducted any amount from the insurance proceeds collected. Section 22 (b) (2) (A), I. R. C. Our conclusion that the petitioner had the burden of proof was reversed, and in compliance with mandate the deficiency determination was held invalid.
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Upon original trial the petitioner argued that the determination of deficiency was arbitrary and capricious, in that the Commissioner had determined that an insurance policy was transferred to petitioner for consideration but had not deducted any amount from the insurance proceeds collected. Section 22 (b) (2) (A), I. R. C. Our conclusion that the petitioner had the burden of proof was reversed, and in compliance with mandate the deficiency determination was held invalid. On second trial respondent admitted allegations of premiums paid. Proof was made of cash surrender value of the insurance…
1Opinion of the Court
The Federal National Bank of Shawnee, Oklahoma, Petitioner, v. Commissioner of Internal Revenue, Respondent
Federal Nat'l Bank v. Commissioner
Docket No. 15342
United States Tax Court
16 T.C. 54; 1951 U.S. Tax Ct. LEXIS 310;
January 17, 1951, Promulgated
Decision will be entered under Rule 50.
Upon original trial the petitioner argued that the determination of deficiency was arbitrary and capricious, in that the Commissioner had determined that an insurance policy was transferred to petitioner for consideration but had not deducted any amount from the insurance proceeds collected. Section 22 (b) (2)…
2Cases cited5 opinions
- Helvering v. TaylorSupreme Court of the United States · 1935
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Kieselbach v. CommissionerSupreme Court of the United States · 1943
- Federal Nat'l Bank v. CommissionerUnited States Tax Court · 1951
- Feathers v. CommissionerUnited States Tax Court · 1947