Early v. Lawyers Title Ins. Corporation

PARKER, Circuit Judge.

This is an appeal from a judgment for plaintiff in a suit instituted by a title insurance company to recover income taxes paid under protest for the years 1936, 1937 and 1938. The question presented is whether, in determining underwriting income for the years in question, the company was entitled to deduct, as unearned premiums, portions of premiums which it was required by a statute of Virginia to place in a reserve and which the statute provided should “at all times and for all purposes be considered and constitute unearned portions of the original premiums”. The court…