CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


HELVERING V. INTER-MOUNTAIN LIFE INSURANCE CO., 294 U. S. 686 (1935)

Subscribe to Cases that cite 294 U. S. 686 RSS feed for this section

U.S. Supreme Court

Helvering v. Inter-Mountain Life Insurance Co., 294 U.S. 686 (1935)

Helvering v. Inter-Mountain Life Insurance Co.

No. 537

Argued March 5, 7, 1935

Decided April 1, 1935

294 U.S. 686

Syllabus

1. Assets reserved by an insurance company against matured unsurrendered and unpaid coupons attached to its twenty-payment life coupon nonparticipating policies held not "reserve funds required by law" within the meaning of § 245(a)(2) of the Revenue Act of 121, allowing deduction of a percentage of the mean of such reserve funds in computing the net income of life insurance companies. P. 294 U. S. 690.

2. Reserves against such matured and unsurrendered coupon are not essentially insurance reserves, and the latter alone constitute the base on which the deduction allowed by § 245(a)(2) is to be computed. P. 294 U. S. 690.

3. The rule that ambiguities in tax statutes are to be resolved in favor of the taxpayer has no application to provisions for deductions; they are allowable only when plainly authorized. P. 294 U. S. 689.

71 F.2d 962 reversed.

Certiorari, 293 U.S. 553, to review a judgment affirming a decision of the Board of Tax Appeals redetermining a deficiency in the income tax of the insurance company. chanroblesvirtualawlibrary

Page 294 U. S. 687





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED