Keystone Auto. Club Casualty Co. v. Commissioner
United States Board of Tax Appeals
The petitioners are stock insurance companies which pay dividends to policyholders. They are not exempt from income tax. In the determination of deficiencies in income tax the respondent has permitted them to deduct from gross income all dividends paid to policyholders. The deficiencies determined by the respondent are sustained. Opinion at 40 B.T.A. 291, modified.
1Opinion of the Court
SUPPLEMENTAL OPINION.
Smith:
These proceedings are before the Board on petitioners’ motion for a reconsideration of its opinion promulgated July 27, 1939, and published at 40 B. T. A. 291. The Board’s final decisions *357entered J uly 29, 1939, were vacated by orders dated August 11, 1939, and reargument was heard on October 4, 1939.
In its promulgated opinion the Board referred to article 1014 of Regulations 74 and 77, promulgated under the Revenue Acts of 1928 and 1932, and at page 307, 40 B. T. A., quoted therefrom as follows:
* ⅜ * A slock fire insurance company, operated on the mutual plan to…
2Cited by2 opinions
- Holsey Auto Sales v. CommissionerUnited States Tax Court · 1948
- Keystone Auto. Club Casualty Co. v. CommissionerUnited States Board of Tax Appeals · 1940