National Western Life Ins. Co. v. Commissioner
United States Tax Court
Held: The requirement of sec. 1.818-4(e), Income Tax Regs., that the election of a life insurance company to revalue its preliminary term basis reserves "must be filed not later than the date prescribed by law * * * for filing the return for such taxable year" is a reasonable implementation of the congressional mandate and a needful rule for the administration and enforcement of the statute.
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Held: The requirement of sec. 1.818-4(e), Income Tax Regs., that the election of a life insurance company to revalue its preliminary term basis reserves "must be filed not later than the date prescribed by law * * * for filing the return for such taxable year" is a reasonable implementation of the congressional mandate and a needful rule for the administration and enforcement of the statute. Petitioner's original returns for the years in issue were tantamount to elections not to so elect, and consequently attempted later elections, made after the time prescribed by the regulation, were…
1Opinion of the Court
OPINION
FoeresteR, Judge:
In these consolidated cases respondent has determined deficiencies in petitioner’s income taxes as follows:
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Several issues have been resolved by stipulation and concessions so that the only issue now remaining is whether for the year 1959 through 19641 petitioner may elect under section 818 (c) (2)2 to revalue its preliminary term basis life insurance reserves when such attempted elections were made in amended income tax returns filed after the dates on which original income tax returns were due to be filed.
All of the facts herein áre stipulated and are so…
2Cases cited15 opinions
- United States v. CorrellSupreme Court of the United States · 1967
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Pollack v. CommissionerUnited States Tax Court · 1966
10 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Taylor v. CommissionerUnited States Tax Court · 1977
- Dougherty v. CommissionerUnited States Tax Court · 1973
- American Air Filter Co. v. CommissionerUnited States Tax Court · 1983
- Estate of Gunland v. CommissionerUnited States Tax Court · 1987
- Estate of Stamos v. CommissionerUnited States Tax Court · 1970
14 more not listed; retrieve them via the Exa API.