Mutual Fire, Marine & Inland Ins. Co. v. Commissioner
United States Tax Court
Petitioner was chartered in 1902 as a mutual fire insurance company under the laws of Pennsylvania. All policyholders are members entitled to vote for directors. It has no stockholders. It has made rebates of premiums to members and has accumulated a substantial surplus.
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Petitioner was chartered in 1902 as a mutual fire insurance company under the laws of Pennsylvania. All policyholders are members entitled to vote for directors. It has no stockholders. It has made rebates of premiums to members and has accumulated a substantial surplus. On the facts, held, the petitioner was in 1940 and 1941 a mutual insurance company, the income of which was used or held for the purpose of paying losses and expenses, and was exempt under section 101 (11), I. R. C., from corporation income and excess profits taxes.
1Opinion of the Court
OPINION.
Arnold, Judge-.
The petitioner contends, first, that it was a mutual insurance company exempt from income tax under section 101 (11) of the Internal Revenue Code,1 or, if not so exempt, that it was a mutual insurance company entitled under section 207 (c) (3) of the code 2 to deduct the premium deposits returned to its policyholders and the premium deposits retained by it for the payment of losses, expenses, and reinsurance reserves, and that after such deductions it had no taxable income.
The petitioner filed corporation income and excess profits tax returns for the taxable years…
2Cases cited7 opinions
- Penn Mutual Life Insurance v. LedererSupreme Court of the United States · 1920
- Greeff v. Equitable Life Assurance Society of United StatesNew York Court of Appeals · 1899
- Mutual Benefit Life Ins. v. HeroldDistrict Court, D. New Jersey · 1912
- Herold v. Mutual Benefit Life Ins.Court of Appeals for the Third Circuit · 1913
- Order of R. Employees v. CommissionerUnited States Tax Court · 1943
2 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Theodore v. CommissionerUnited States Tax Court · 1962
- Holyoke Mut. Fire Ins. Co. v. CommissionerUnited States Tax Court · 1957
- Thompson, Collector of Internal Revenue v. White River Burial Ass'nCourt of Appeals for the Eighth Circuit · 1950
- Estate of Moyer v. Comm'rUnited States Tax Court · 1959
- Modern Life & Acci. Ins. Co. v. CommissionerUnited States Tax Court · 1968
12 more not listed; retrieve them via the Exa API.