Nord v. Connecticut General Life Insurance

Appellant is an insurance company organized under the laws of Connecticut and ’asserts in this action that it is exempt from the payment of state income tax upon income from property held in the state for the year 1941. Our income tax law, the levy and rate provisions of which have now been repealed by Ch. 295, Laws of 1943, is contained in SDC Title 57, Part V. Appellant relies upon the exemption from the tax found in SDC 57.2711, which so far as here material is as follows:

“The following organizations and corporations shall be exempt from income taxation: * * *

“(6) Insurance companies which…