Commissioner v. Volunteer State Life Ins.

ALLEN, Circuit Judge.

The sole question presented in this, appeal is whether, in computing income tax, certain items are deductible from income as investment expenses of a life insurance company, within the purview of § 203(a) (5) of the Revenue Act of 1928, 45 Stat. 791, 26 U.S. *881C.A. Int.Rev.Acts.1 The Commissioner seeks to review a decision of the Board of Tax Appeals (35 B.T.A. 491) holding the following items deductible as such expenses in the years 1929 and 1930:

1929

Salary, officers ............... $18,401.66

Salary, clerks ................ 18,219.34

Mortgage loan expenses....... 5,740.34

Pos…