Keystone Auto. Club Casualty Co. v. Commissioner
United States Board of Tax Appeals
1. The Keystone Automobile Club Casualty Co. and the Keystone Automobile Club Fire Co. are stock insurance companies, all the shares of capital stock of each being owned by the Keystone Automobile Club.
Read the full summary
1. The Keystone Automobile Club Casualty Co. and the Keystone Automobile Club Fire Co. are stock insurance companies, all the shares of capital stock of each being owned by the Keystone Automobile Club. No dividends have ever been paid on the stock and the companies refund to their policyholders, most of whom are members of the Keystone Automobile Club, such portion of the premium deposits as are not needed to pay operating costs within the discretion of the board of directors of each. Over a period of years the companies have accumulated considerable surpluses, carried on the companies'…
1Opinion of the Court
KEYSTONE AUTOMOBILE CLUB CASUALTY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
KEYSTONE AUTOMOBILE CLUB FIRE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
KEYSTONE AUTOMOBILE CLUB ACCEPTANCE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Keystone Auto. Club Casualty Co. v. Commissioner
Docket Nos. 90931, 90932, 90933, 91484, 91485, 91486.
United States Board of Tax Appeals
40 B.T.A. 291; 1939 BTA LEXIS 860;
July 27, 1939, Promulgated
1. The Keystone Automobile Club Casualty Co. and the Keystone Automobile Club Fire Co. are stock…
2Cases cited1 opinion
- Keystone Auto. Club Casualty Co. v. CommissionerUnited States Board of Tax Appeals · 1939