Manhattan Life Ins. Co. v. Commissioner
United States Board of Tax Appeals
1. A corporation engaged in the life insurance business is entitled to a deduction for exhaustion of furniture and fixtures used in both the underwriting and investment departments of its business. Lafayette Life Ins. Co.,26 B.T.A. 946, followed. 2. The petitioner, a life insurance company, in 1927 obtained the cancellation of a lease by the lessee and entered into a new lease on the same premises. The new lease was terminated in 1928 by court order.
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1. A corporation engaged in the life insurance business is entitled to a deduction for exhaustion of furniture and fixtures used in both the underwriting and investment departments of its business. Lafayette Life Ins. Co.,26 B.T.A. 946, followed. 2. The petitioner, a life insurance company, in 1927 obtained the cancellation of a lease by the lessee and entered into a new lease on the same premises. The new lease was terminated in 1928 by court order. Held, petitioner is entitled to deduct from its gross income in 1928 so much of the expenditure made to acquire the unexpired term of the old…
1Opinion of the Court
THE MANHATTAN LIFE INSURANCE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Manhattan Life Ins. Co. v. Commissioner
Docket No. 60827.
United States Board of Tax Appeals
28 B.T.A. 129; 1933 BTA LEXIS 1178;
May 17, 1933, Promulgated
1. A corporation engaged in the life insurance business is entitled to a deduction for exhaustion of furniture and fixtures used in both the underwriting and investment departments of its business. Lafayette Life Ins. Co.,26 B.T.A. 946, followed.
2. The petitioner, a life insurance company, in 1927 obtained the cancellation of a lease by the lessee…
2Cases cited2 opinions
- Lafayette Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Manhattan Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1933