Swift & Co. Employees Ben. Asso. v. Commissioner
United States Board of Tax Appeals
1. Petitioner is a nonstock association of employees of Swift & Co., created under a deed of trust and carrying on a business in Illinois of writing insurance upon its members under noncancelable life contracts and combined life, health, and accident upon the level premium plan.
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1. Petitioner is a nonstock association of employees of Swift & Co., created under a deed of trust and carrying on a business in Illinois of writing insurance upon its members under noncancelable life contracts and combined life, health, and accident upon the level premium plan. Its trustees are required by its deed of trust to hold all of its funds in excess of its actual cost of operation for the protection of its policy risks and such funds are held in an account entitled "reserve." Twice each year petitioner computes the value of its life risks upon a recognized and accepted actuarial…
1Opinion of the Court
SWIFT & COMPANY EMPLOYES BENEFIT ASSOCIATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. *
Swift & Co. Employees Ben. Asso. v. Commissioner
Docket No. 107838.
United States Board of Tax Appeals
47 B.T.A. 1011; 1942 BTA LEXIS 618;
November 10, 1942, Promulgated
1. Petitioner is a nonstock association of employees of Swift & Co., created under a deed of trust and carrying on a business in Illinois of writing insurance upon its members under noncancelable life contracts and combined life, health, and accident upon the level premium plan. Its trustees are required by its deed of trust…
2Cases cited2 opinions
- Standard Industrial L. Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Swift & Co. Employees Ben. Asso. v. CommissionerUnited States Board of Tax Appeals · 1942