Independent Life Ins. Co. v. Commissioner
United States Board of Tax Appeals
1. Section 245(b) denies to an insurance company any deduction for taxes, expenses, and depreciation, on account of real estate owned and occupied by it in whole or in part, unless the rental value of the space so occupied is included in gross income, and provides, "such rental value shall be not less than a sum which in addition to any rents received from other tenants shall provide a net income (after deducting taxes, depreciation, and all other expenses) at the rate of 4…
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1. Section 245(b) denies to an insurance company any deduction for taxes, expenses, and depreciation, on account of real estate owned and occupied by it in whole or in part, unless the rental value of the space so occupied is included in gross income, and provides, "such rental value shall be not less than a sum which in addition to any rents received from other tenants shall provide a net income (after deducting taxes, depreciation, and all other expenses) at the rate of 4 per centum per annum of the book value at the end of the taxable year of the real estate so owned or occupied." Held,…
1Opinion of the Court
OPINION.
Steenhagen :
The Commissioner notified petitioner of a determination of deficiencies in income tax of $298.97 for 1923 and $1,115.65 for 1924. Petitioner attacks this determination as contrary to the Revenue Act of 1921, sections 242 et seq., and similar sections of the Revenue Act of 1924, and, if necessary, contrary to the Constitution.
The facts are presented in the following stipulation:
It is hereby stipulated and agreed by and between the parties to the above entitled appeal, by their respective counsel:(1) That the petitioner, Independent Life Insurance Company of America, is a…
2Cases cited32 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- United States v. AndersonSupreme Court of the United States · 1926
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
27 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Helvering v. Independent Life InsuranceSupreme Court of the United States · 1934
- Palmer v. CommissionerUnited States Tax Court · 1969
- John Hancock Mut. Life Ins. Co. v. HaworthIdaho Supreme Court · 1948
- Panitz v. District of ColumbiaCourt of Appeals for the D.C. Circuit · 1940
- Missouri State Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
20 more not listed; retrieve them via the Exa API.