Legal Opinion
Local Finance Corp. v. Commissioner
Court of Appeals for the Seventh Circuit
Decided February 28, 1969No. Nos. 16840-16850PublishedCited by 10 opinions
1Opinion of the Court
SWYGERT, Circuit Judge.
We are asked to review a decision of the Tax Court upholding the assessment of income tax deficiencies by the Commissioner of Internal Revenue.1 This case presents the question whether the Tax Court was correct in holding that the Commissioner’s allocation to the petitioners, Local Finance Corporation and its subsidiaries pursuant to his authority under Int.Rev.Code of 1954, § 482,2 of one-half of the credit life insurance net premiums paid by borrowers from these corporations was not arbitrary or unreasonable. Federal income taxes for the years 1958 through 1962 in the…
2Cases cited11 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Burnet v. HarmelSupreme Court of the United States · 1932
- James v. United StatesSupreme Court of the United States · 1961
- Ballentine Motor Co., Inc., Ballentine's, and Ballentine Motors, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1963
- Advance MacHinery Exchange, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1952
6 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Commissioner v. First Security Bank of Utah, N. A.Supreme Court of the United States · 1972
- G.D. Searle & Co. v. CommissionerUnited States Tax Court · 1987
- Procacci v. Comm'rUnited States Tax Court · 1990
- Local Finance Corporation, Local Finance Corporation of South Marion, Local Finance Corporation of Elkhart, Local Finance Corporation of Gas City, Local Finance Corporation of Rushville, Local Finance Corporation of Danville, Local Finance, Inc., Local Finance Co., Inc. Of Gary, Local Finance Company, Inc. v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Guardian Agency, Inc., Beneficial Insurance Agency, Inc.Court of Appeals for the Seventh Circuit · 1969
- Commissioner v. First Security Bank of Utah, N. A.Supreme Court of the United States · 1972
5 more not listed; retrieve them via the Exa API.