Midland Nat'l Life Ins. Co. v. Commissioner
United States Board of Tax Appeals
1. Respondent's action in including in gross income the amount of exempt interest in approved. 2. Petitioner is entitled to a deduction in computing net income under section 245(a)(2) of the Revenue Act of 1924 in the amount of 4 per cent of the mean of the reserve funds required by law and held at the beginning and end of the taxable year, undiminished by the amount of exempt interest.
Read the full summary
1. Respondent's action in including in gross income the amount of exempt interest in approved. 2. Petitioner is entitled to a deduction in computing net income under section 245(a)(2) of the Revenue Act of 1924 in the amount of 4 per cent of the mean of the reserve funds required by law and held at the beginning and end of the taxable year, undiminished by the amount of exempt interest. National Life Insurance Co. v. United States,277 U.S. 508. 3. An amount deposited by petitioner with the Commissioner of Insurance of South Dakota as a condition precedent to the right to do business within…
1Opinion of the Court
MIDLAND NATIONAL LIFE INSURANCE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Midland Nat'l Life Ins. Co. v. Commissioner
Docket No. 28889.
United States Board of Tax Appeals
14 B.T.A. 200; 1928 BTA LEXIS 3007;
November 14, 1928, Promulgated
1. Respondent's action in including in gross income the amount of exempt interest in approved.
2. Petitioner is entitled to a deduction in computing net income under section 245(a)(2) of the Revenue Act of 1924 in the amount of 4 per cent of the mean of the reserve funds required by law and held at the beginning and end of the taxable year,…
2Cases cited8 opinions
- National Life Insurance v. United StatesSupreme Court of the United States · 1928
- Prescott State Bank v. CommissionerUnited States Board of Tax Appeals · 1928
- Midland Nat'l Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Murchison Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1925
- Old Line Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
3 more not listed; retrieve them via the Exa API.