North American Reassurance Co. v. Commissioner
United States Board of Tax Appeals
1. DEDUCTIONS - DEPRECIATION. - Petitioner held to be entitled to a reasonable allowance for depreciation upon furniture and fixtures used in the underwriting as well as the investment department of its business. Lafayette Life Ins. Co.,26 B.T.A. 946; Missouri State Life Ins.
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1. DEDUCTIONS - DEPRECIATION. - Petitioner held to be entitled to a reasonable allowance for depreciation upon furniture and fixtures used in the underwriting as well as the investment department of its business. Lafayette Life Ins. Co.,26 B.T.A. 946; Missouri State Life Ins. Co.,29 B.T.A. 401, followed. 2. Id. - RESERVES. - The valuation or "separate liability" required by section 85 of the insurance statute of the State of New York held not to be a reserve required by law within contemplation of section 245(a)(2) of the Revenue Act of 1926 and section 203(a)(2) of the Revenue Act of 1928…
1Opinion of the Court
NORTH AMERICAN REASSURANCE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
North American Reassurance Co. v. Commissioner
Docket Nos. 52674, 60678.
United States Board of Tax Appeals
29 B.T.A. 683; 1934 BTA LEXIS 1497;
January 5, 1934, Promulgated
1. DEDUCTIONS - DEPRECIATION. - Petitioner held to be entitled to a reasonable allowance for depreciation upon furniture and fixtures used in the underwriting as well as the investment department of its business. Lafayette Life Ins. Co.,26 B.T.A. 946; Missouri State Life Ins. Co.,29 B.T.A. 401, followed.
2. Id. - RESERVES. - The…
2Cases cited12 opinions
- New York Life Insurance v. EdwardsSupreme Court of the United States · 1926
- Burnet v. Thompson Oil & Gas Co.Supreme Court of the United States · 1931
- McCoach v. Insurance Co. of North AmericaSupreme Court of the United States · 1917
- United States v. Boston InsuranceSupreme Court of the United States · 1925
- Missouri State Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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