Standard Industrial L. Ins. Co. v. Commissioner
United States Board of Tax Appeals
Petitioner is a corporation organized under the statutes of Louisiana relating to industrial life insurance companies. Under the applicable state law it was required to maintain reserves computed on the basis of the American Experience Table of Mortality, with interest at 4 percent per annum. In neither of the taxable years did its reserves meet the required amounts.
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Petitioner is a corporation organized under the statutes of Louisiana relating to industrial life insurance companies. Under the applicable state law it was required to maintain reserves computed on the basis of the American Experience Table of Mortality, with interest at 4 percent per annum. In neither of the taxable years did its reserves meet the required amounts. Held, petitioner is not a life insurance company within the meaning of section 201 of the Revenue Act of 1936, even though the reserves which it maintained were approved by the insurance commissioner as adequate for purposes of…
1Opinion of the Court
STANDARD INDUSTRIAL LIFE INSURANCE CO. OF LOUISIANA, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Standard Industrial L. Ins. Co. v. Commissioner
Docket No. 99842.
United States Board of Tax Appeals
42 B.T.A. 1011; 1940 BTA LEXIS 922;
October 18, 1940, Promulgated
Petitioner is a corporation organized under the statutes of Louisiana relating to industrial life insurance companies. Under the applicable state law it was required to maintain reserves computed on the basis of the American Experience Table of Mortality, with interest at 4 percent per annum. In neither of the…
2Cases cited1 opinion
- Standard Industrial L. Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1940