Illinois Life Ins. Co. v. Commissioner
United States Board of Tax Appeals
1. The furniture and fixtures of the petitioner were used in both its investment and underwriting business. Held, that the petitioner is entitled to deduct from gross income only the amount of the depreciation sustained upon the furniture and fixtures used in its investment business. 2. The petitioner purchased annually from the Medical Inspection Bureau certain medical information cards which it claimed had a useful life of approximately 10 years.
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1. The furniture and fixtures of the petitioner were used in both its investment and underwriting business. Held, that the petitioner is entitled to deduct from gross income only the amount of the depreciation sustained upon the furniture and fixtures used in its investment business. 2. The petitioner purchased annually from the Medical Inspection Bureau certain medical information cards which it claimed had a useful life of approximately 10 years. In its tax return it deducted from gross income an amount representing the obsolescence upon these cards. Since these cards were used exclusively…
1Opinion of the Court
OPINION.
Smith:
This is a proceeding for the redetermination of a deficiency in income tax for 1929 of $1,115.25. The petitioner alleges that the respondent erred in disallowing the deduction from gross income of (1) a portion of the depreciation sustained by it upon its furniture and fixtures; (2) an amount claimed as depreciation upon certain medical information cards; and by an amended answer the respondent alleges that he erred (3) in not excluding from the company’s reserve funds the mean of a “ survivorship investment fund ” and that through his failure to do so the petitioner has…
2Cases cited5 opinions
- United States v. Boston InsuranceSupreme Court of the United States · 1925
- Rockford Life Insurance v. CommissionerSupreme Court of the United States · 1934
- Missouri State Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Reserve Loan Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Standard Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
3Cited by9 opinions
- Commissioner of Internal Rev. v. Monarch Life Ins. Co.Court of Appeals for the First Circuit · 1940
- Liberty Life Insurance v. United StatesCourt of Appeals for the Fourth Circuit · 1979
- Liberty Life Insurance Company, Plaintiff-Appellee-Cross-Appellant v. United States of America, Defendant-Appellant-Cross-Appellee. Liberty Life Insurance Company, Plaintiff-Appellant-Cross-Appellee v. United States of America, Defendant-Appellee-Cross-AppellantCourt of Appeals for the Fourth Circuit · 1979
- Liberty National Life Insurance Company v. United StatesCourt of Appeals for the Fifth Circuit · 1979
- American Cent. Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
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