Bailey v. Commissioner
United States Tax Court
Held, that petitioner George E. Bailey, who was a licensed insurance agent in the State of Missouri and in the taxable year wrote an insurance policy on his own life with an insurance company of which he was an agent on which the gross premium was $ 514.80 and on which he was entitled to a 50-percent commission, is taxable on the commission although he deducted it from the gross premium when he remitted the premium on the policy to the insurance company.
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Held, that petitioner George E. Bailey, who was a licensed insurance agent in the State of Missouri and in the taxable year wrote an insurance policy on his own life with an insurance company of which he was an agent on which the gross premium was $ 514.80 and on which he was entitled to a 50-percent commission, is taxable on the commission although he deducted it from the gross premium when he remitted the premium on the policy to the insurance company. Commissioner v. Minzer, 279 F. 2d 338 (C.A. 5, 1960), followed.
1Opinion of the Court
George E. Bailey and Agnes M. Bailey, Petitioners, v. Commissioner of Internal Revenue, Respondent
Bailey v. Commissioner
Docket No. 2185-62
United States Tax Court
41 T.C. 663; 1964 U.S. Tax Ct. LEXIS 147;
February 25, 1964, Filed
Decision will be entered for the respondent.
Held, that petitioner George E. Bailey, who was a licensed insurance agent in the State of Missouri and in the taxable year wrote an insurance policy on his own life with an insurance company of which he was an agent on which the gross premium was $ 514.80 and on which he was entitled to a 50-percent commission, is taxable on…
2Cases cited4 opinions
- A. J. Ostheimer, 3rd, Ruth M. Ostheimer v. United StatesCourt of Appeals for the Third Circuit · 1959
- Commissioner of Internal Revenue v. Sol Minzer and Adele MinzerCourt of Appeals for the Fifth Circuit · 1960
- Minzer v. CommissionerUnited States Tax Court · 1959
- Bailey v. CommissionerUnited States Tax Court · 1964