Duffy v. Mutual Benefit Life Insurance

This case arises under the Revenue Act of 1917, c. 63, 40 Stat. 300, 302-306, imposing upon every corporation, partnership and individual a war excess profits tax. The pertinent provisions of the Act are as follows:

“ Sec. 201. That in addition to the taxes under existing law and finder this act there shall be levied, assessed, collected, and paid for each taxable year upon the income of every corporation, partnership, or individual, a tax (hereinafter in this title referred to as the tax) equal to the following percentages of the net income:

“ Twenty per centum of the amount of the net income…