Commissioner v. Independent Life Insurance

This cause involves the construction and proper scope of sections 243, 244, and 245, of the Revenue Act of 1921, c. 136, 42 Stat. 227, and Hie Revenue Act of 1924, c. 234, 43 Stat. 253, §§ 243-245 (26 USCA §§ 1091 note, 1003-1005), and the validity of sqetiqn 245 (b) of said acts (see 26 USCA § 1004 (b).

*1067The respondent is a life insurance company. During the years 1923 and 1924 it owned a twelve-story building, occupying one story and renting portions of the remainder. In making its income tax returns for the years 1923 and 1924, it deducted from its gross income from this building taxes,…