Title & Trust Co. v. Commissioner
United States Tax Court
Complying with the directive of the Oregon Insurance Commissioner issued pursuant to Oregon statutes, petitioner segregated from its 1945 premium income an amount equal to 3 per cent of its total premiums received on title insurance policies issued during the calendar years 1942, 1943, 1944 and 1945. This amount was deemed by the directive to constitute unearned premiums and was set up on petitioner's books as a reserve as of December 31, 1945. The directive further required…
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Complying with the directive of the Oregon Insurance Commissioner issued pursuant to Oregon statutes, petitioner segregated from its 1945 premium income an amount equal to 3 per cent of its total premiums received on title insurance policies issued during the calendar years 1942, 1943, 1944 and 1945. This amount was deemed by the directive to constitute unearned premiums and was set up on petitioner's books as a reserve as of December 31, 1945. The directive further required petitioner to add to the reserve monthly thereafter an amount equal to 3 per cent of its premium income. At the end of…
1Opinion of the Court
OPINION.
Arundell, Judge:
The only question here is whether petitioner properly excluded the amount designated as “unearned premiums” from its title insurance premium income. This depends upon whether the $46,889.63 so excluded constituted unearned premiums within the meaning of section 204 (b) (1) (4) and (5) of the Internal Revenue Code.1
In Early v. Lawyers Title Insurance Corp., 132 Fed. (2d) 42, Judge Parker, speaking for the Fourth Circuit, declared that such portions of title insurance premiums as were given for a specified period the status of unearned premiums by either law or contract…
2Cases cited1 opinion
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
3Cited by19 opinions
- Title & Trust Co. v. United StatesDistrict Court, M.D. Florida · 1965
- Cuesta Title Guaranty Co. v. CommissionerUnited States Tax Court · 1978
- Modern Home Fire & Casualty Ins. Co. v. CommissionerUnited States Tax Court · 1970
- Home Title Guaranty Co. v. CommissionerUnited States Tax Court · 1950
- Houston Title Guaranty Co. v. CommissionerUnited States Tax Court · 1954
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