Kaskaskia Life Ins. Co. v. Commissioner
United States Board of Tax Appeals
The guarantee capital of an Illinois life insurance company required to be deposited with the State auditor held not a reserve within the meaning of section 242 of the Revenue Act of 1926.
1Opinion of the Court
OPINION.
Matthews :
These proceedings, which were duly consolidated for hearing and decision, involve deficiencies in income taxes for the years 1925, 1926, and 1927 in the amounts, respectively, of $1,208.18, $937.23, and $897.15.
The Kaskaskia Life Insurance Company was incorporated on July 29, 1924, and duly licensed to engage in the business of life insurance under the laws of Illinois. Its principal place of business was Shelbyville, Ill. The Mississippi Valley Life Insurance Company is the same corporation, the change in name having taken place in 1927 by corporate action, with the…
2Cases cited5 opinions
- Takao Ozawa v. United StatesSupreme Court of the United States · 1922
- New York Life Insurance v. EdwardsSupreme Court of the United States · 1926
- McCoach v. Insurance Co. of North AmericaSupreme Court of the United States · 1917
- United States v. Boston InsuranceSupreme Court of the United States · 1925
- Duffy v. Mutual Benefit Life InsuranceSupreme Court of the United States · 1926
3Cited by4 opinions
- Jones v. Oklahoma Ben. Life Ass'nCourt of Appeals for the Tenth Circuit · 1945
- North American Reassurance Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Kaskaskia Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- North American Reassurance Co. v. CommissionerUnited States Board of Tax Appeals · 1934