Massachusetts Protective Ass'n v. Commissioner
United States Board of Tax Appeals
1. The petitioner is an insurance company taxable under section 246 of the Revenue Act of 1921. During the year 1922 it received $125,000 in settlement of a suit brought by it in a prior year against another insurance company.
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1. The petitioner is an insurance company taxable under section 246 of the Revenue Act of 1921. During the year 1922 it received $125,000 in settlement of a suit brought by it in a prior year against another insurance company. Held that such amount is not includable in gross income under the provisions of the statute. 2. Held, further, that a percentage of the policy fees paid to the petitioner during the taxable year and permanently retained by it comprised a part of its taxable income of that year.
1Opinion of the Court
*813OPINION.
Smith:
The petitioner is taxable under section 246 of the Revenue Act of 1921, which reads as follows:(a) That, in lieu of the taxes imposed by sections 230 and 1000, there shall be levied, collected and paid for the calendar year 1922, and for each taxable year thereafter, upon the net income of every insurance company (other than a life or mutual insurance company) a tax as follows :(1) In the case of such a domestic insurance company the same percentage of its net income as is imposed upon other corporations by section 230 ;(2) In the case of such a foreign insurance company the…
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