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UNITED STATES V. BOSTON INS. CO., 269 U. S. 197 (1925)

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U.S. Supreme Court

United States v. Boston Ins. Co., 269 U.S. 197 (1925)

United States v. Boston Insurance Company

No. 29

Argued October 9, 1925

Decided November 23, 1925

269 U.S. 197


The Revenue Act of 1916, § 12, Par. "First," subdiv. (c), in defining deductions from gross income allowable in ascertaining the net income of domestic corporation, included, in the case of insurance companies, "the net addition, if any, required by law to reserve fund." Held, that "reserve funds " does not embrace funds held by a fire and marine insurance company, as required by the New York Superintendent of Insurance, to cover accrued but unsettled claims for losses. McCoach v. Insurance Co., 244 U. S. 585, followed; Maryland Casualty Co. v. United States, 251 U. S. 342, explained and in part disapproved. P. 269 U. S. 202.

58 Ct.Cls. 603 reversed.

Appeal from a judgment of the Court of Claims allowing recovery of an amount exacted of the Insurance Company as income taxes.

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