Old Equity Life Ins. Co. v. Commissioner
United States Tax Court
Petitioner is a stock life insurance company, taxable pursuant to the provisions of subch. L, I.R.C. 1954. Held, in computing its gain from operations, petitioner is entitled to use the 3-percent alternative deduction provided for under sec. 809(d)(5) for premiums received on certain guaranteed renewable accident and health policies during the years in issue, since such policies are "issued or renewed for periods of 5 years or more," as required by sec. 809(d)(5). Pacific…
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Petitioner is a stock life insurance company, taxable pursuant to the provisions of subch. L, I.R.C. 1954. Held, in computing its gain from operations, petitioner is entitled to use the 3-percent alternative deduction provided for under sec. 809(d)(5) for premiums received on certain guaranteed renewable accident and health policies during the years in issue, since such policies are "issued or renewed for periods of 5 years or more," as required by sec. 809(d)(5). Pacific Mutual Life Insurance Co., 413 F.2d 55 (9th Cir. 1969), revg. 48 T.C. 118 (1967), not followed.
1Opinion of the Court
Old Equity Life Insurance Company, Petitioner v. Commissioner of Internal Revenue, Respondent
Old Equity Life Ins. Co. v. Commissioner
Docket Nos. 6132-71, 7897-72, 8930-73
United States Tax Court
67 T.C. 48; 1976 U.S. Tax Ct. LEXIS 39;
October 18, 1976, Filed
Decisions will be entered under Rule 155.
Petitioner is a stock life insurance company, taxable pursuant to the provisions of subch. L, I.R.C. 1954. Held, in computing its gain from operations, petitioner is entitled to use the 3-percent alternative deduction provided for under sec. 809(d)(5) for premiums received on certain guaranteed…
Also in this document: Concurrence.
2Cases cited4 opinions
- Pacific Mut. Life Ins. Co. v. CommissionerUnited States Tax Court · 1967
- Commissioner of Internal Revenue v. Pacific Mutual Life Insurance CompanyCourt of Appeals for the Ninth Circuit · 1969
- United American Insurance v. United StatesUnited States Court of Claims · 1973
- Old Equity Life Ins. Co. v. CommissionerUnited States Tax Court · 1976