Union Cent. Life Ins. Co. v. Commissioner
United States Tax Court
The Court of Appeals held that in order to deduct general expenses from gross investment income under sec. 804(c)(1), I.R.C. 1954, they must be directly related to the production of investment income. Held, petitioner may not deduct any portion of the Ohio Franchise Tax because such tax was not directly related to the production of investment income.
1Opinion of the Court
SUPPLEMENTAL OPINION
Wiles, Judge:
The Court of Appeals for the Sixth Circuit remanded this case for us to determine whether the payments of Ohio franchise taxes by petitioner during 1972, 1973, and 1974 were directly related to the production of investment income.
The issue in this case is legal. However, to the extent necessary we find the facts to be as set forth in the findings of fact in our opinion filed in Union Central Life Insurance Co. v. Commissioner, 77 T.C. 845 (1981).
We are concerned herein with the calculation of petitioner’s investment yield pursuant to section 804(c).1 To the…
2Cases cited4 opinions
- Liberty Life Insurance Company, Plaintiff-Appellee-Cross-Appellant v. United States of America, Defendant-Appellant-Cross-Appellee. Liberty Life Insurance Company, Plaintiff-Appellant-Cross-Appellee v. United States of America, Defendant-Appellee-Cross-AppellantCourt of Appeals for the Fourth Circuit · 1979
- Commissioner v. Volunteer State Life Ins.Court of Appeals for the Sixth Circuit · 1940
- The Union Central Life Insurance Company, Cross-Appellant v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Sixth Circuit · 1983
- Union Cent. Life Ins. Co. v. CommissionerUnited States Tax Court · 1981
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- Phoenix Mut. Life Ins. Co. v. CommissionerUnited States Tax Court · 1991
- Union Cent. Life Ins. Co. v. CommissionerUnited States Tax Court · 1985