Peoples Finance & Thrift Co. v. Commissioner
United States Tax Court
Gross Income -- Exemption -- Compensation for Injury or Sickness. -- The exemption allowed in section 22 (b) (5) of the Internal Revenue Code of amounts received through accident or health insurance as compensation for personal injuries or sickness is not applicable to amounts received from such policies purchased and held as investments.
1Opinion of the Court
OPINION.
LeMiRe, Judge:
This proceeding involves deficiencies in income tax for the calendar years 1942 and 1943 in the respective amounts of $571.90 and $644.19. Of the several adjustments made in petitioner’s taxable income for 1942 and 1943 by respondent, the only one presented for adjudication here is whether respondent erred in adding to taxable income amounts received by petitioner as payments for disability benefits under policies of health insurance owned by it as a purchaser for valuable consideration. All of the uncontested adjustments will be taken into account under a Rule 50…
2Cases cited3 opinions
- Gould v. GouldSupreme Court of the United States · 1917
- Bank of Commerce v. Tennessee Ex Rel. MemphisSupreme Court of the United States · 1896
- Deming v. CommissionerUnited States Tax Court · 1947
3Cited by10 opinions
- Bachmura v. CommissionerUnited States Tax Court · 1959
- Liberty Finance Service, Inc. v. CommissionerUnited States Tax Court · 1960
- Rugby Prods. v. CommissionerUnited States Tax Court · 1993
- Oliva v. CommissionerUnited States Tax Court · 1956
- Bachmura v. CommissionerUnited States Tax Court · 1959
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