General Life Ins. Co. v. Commissioner
United States Tax Court
1. Its "reserves" failing to qualify as true life insurance reserves, petitioner, held, not a life insurance company within the applicable law. 2. Premiums received by petitioner in ordinary course, although partly dedicated to the payment of claims under its policy contracts, held, income to it.
1Opinion of the Court
General Life Insurance Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
General Life Ins. Co. v. Commissioner
Docket No. 108967
United States Tax Court
1 T.C. 555; 1943 U.S. Tax Ct. LEXIS 239;
February 10, 1943, Promulgated
Decision will be entered for respondent.
1. Its "reserves" failing to qualify as true life insurance reserves, petitioner, held, not a life insurance company within the applicable law.
2. Premiums received by petitioner in ordinary course, although partly dedicated to the payment of claims under its policy contracts, held, income to it.
Robert Ash, Esq., for the…
2Cases cited3 opinions
- Penn Mutual Life Insurance v. LedererSupreme Court of the United States · 1920
- Clay Sewer Pipe Asso. v. CommissionerUnited States Tax Court · 1943
- General Life Ins. Co. v. CommissionerUnited States Tax Court · 1943