Dallas Title & Guaranty Co. v. Commissioner
United States Board of Tax Appeals
1. Where the evidence shows that petitioner's principal business during the taxable year 1934 was that of writing title insurance and that more than one-half of its gross income was from that source, held, petitioner was an insurance company subject to the tax imposed by section 204, Revenue Act of 1934, as the term "insurance company" is used in section 701(c)(2), and is therefore exempt from the excess profits tax imposed by section 702(a) of the same Act. 2. During the…
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1. Where the evidence shows that petitioner's principal business during the taxable year 1934 was that of writing title insurance and that more than one-half of its gross income was from that source, held, petitioner was an insurance company subject to the tax imposed by section 204, Revenue Act of 1934, as the term "insurance company" is used in section 701(c)(2), and is therefore exempt from the excess profits tax imposed by section 702(a) of the same Act. 2. During the taxable year 1934, pursuant to a resolution of its board of directors, petitioner transferred from an account carried on…
1Opinion of the Court
*1027OPINION.
Black :
We shall consider the issues, stated elsewhere, in the inverse order.
Was petitioner exempt from the excess profits tax imposed by section 702 of the Revenue Act of 1934? This section provides in part that:(a) There is hereby imposed upon the net income of every corporation, for each income-tax taxable year ending after the close of the first year m respect of which it is tamable under section 101, an excess-profits tax * * *. [Italics supplied.]
Section 701 imposes a capital stock tax upon certain corporations and under subdivision (c) (2) thereof, it provides that the taxes…
2Cases cited3 opinions
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
- Bowers v. Lawyers Mortgage Co.Supreme Court of the United States · 1932
- United States v. Home Title InsuranceSupreme Court of the United States · 1932
3Cited by15 opinions
- Mayfair Minerals, Inc. v. CommissionerUnited States Tax Court · 1971
- Northwestern States Portland Cement Co. v. HustonCourt of Appeals for the Eighth Circuit · 1942
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
- Home Mut. Ins. Co. v. CommissionerUnited States Tax Court · 1978
- Haynsworth v. CommissionerUnited States Tax Court · 1977
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