Swift & Co. Employees Ben. Asso. v. Commissioner
United States Board of Tax Appeals
1. Petitioner is a nonstock association of employees of Swift & Co., created under a deed of trust and carrying on a business in Illinois of writing insurance upon its members under noncancelable life contracts and combined life, health, and accident upon the level premium plan.
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1. Petitioner is a nonstock association of employees of Swift & Co., created under a deed of trust and carrying on a business in Illinois of writing insurance upon its members under noncancelable life contracts and combined life, health, and accident upon the level premium plan. Its trustees are required by its deed of trust to hold all of its funds in excess of its actual cost of operation for the protection of its policy risks and such funds are held in an account entitled "reserve." Twice each year petitioner computes the value of its life risks upon a recognized and accepted actuarial…
1Opinion of the Court
*1016OPINION.
Leech:
The first issue, involving the statute of limitations, is necessarily decided by the conclusion reached on the second issue as to whether petitioner is taxable as a life insurance company under section 203. The notice of deficiency is conceded to have been mailed more than three years after the date of each return, but within the five-year period which applies under section 275 (c) if its gross income was understated to the extent of 25 percent. Petitioner computed its net income under section 203 and consequently did not include in gross income its premium receipts. It is…
2Cases cited2 opinions
- Helvering v. Inter-Mountain Life InsuranceSupreme Court of the United States · 1935
- Helvering v. Illinois Life InsuranceSupreme Court of the United States · 1936
3Cited by1 opinion
- Swift & Co. Employees Ben. Asso. v. CommissionerUnited States Board of Tax Appeals · 1942