Penn Mut. Indem. Co. v. Commissioner
United States Tax Court
Held, the tax imposed upon mutual insurance companies (other than life or marine), computed under section 207(a)(2), I.R.C. 1939, as amended, is constitutional. The only possible objection to its validity is that it is a "direct" tax which must be apportioned according to population. The tax is not a "direct" tax within the meaning of the Constitution, and the fact that underwriting losses are not deductible is constitutionally irrelevant.
1Opinion of the Court
Penn Mutual Indemnity Company (Dissolved), Francis R. Smith, Insurance Commissioner of the Commonwealth of Pennsylvania, Statutory Liquidator, Petitioner, v. Commissioner of Internal Revenue, Respondent
Penn Mut. Indem. Co. v. Commissioner
Docket No. 55553
United States Tax Court
32 T.C. 653; 1959 U.S. Tax Ct. LEXIS 146;
June 15, 1959, Filed
Decision will be entered for the respondent.
Held, the tax imposed upon mutual insurance companies (other than life or marine), computed under section 207(a)(2), I.R.C. 1939, as amended, is constitutional. The only possible objection to its validity is that it…
Also in this document: Concurrence · Murdock; Concurrence · Turner; Dissent · Pierce; Dissent · Train.
2Cases cited83 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Ogden v. SaundersSupreme Court of the United States · 1827
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