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MUTUAL BENEFIT LIFE INS. CO. v. DUFFY

No. 3182.

3 F.2d 1020 (1925)

MUTUAL BENEFIT LIFE INS. CO., Defendant in Error, v. Charles V. DUFFY, Collector of Internal Revenue for the Fifth District of New Jersey, Plaintiff in Error.

Circuit Court of Appeals, Third Circuit.

March 2, 1925.

Attorney(s) appearing for the Case

Newton K. Fox, of Washington, D. C., for plaintiff in error.

John O. H. Pitney, John R. Hardin, David Kay, Jr., and Jay Ten Eyck, all of Newark, N. J., for defendant in error.

Before BUFFINGTON, WOOLLEY, and DAVIS, Circuit Judges.

PER CURIAM.

The collector of internal revenue for the Fifth district of New Jersey assessed upon the plaintiff a war excess profits tax of $83,779.70. This tax resulted from the government's theory that the plaintiff's legal reserve fund of $186,258,796 was not "invested capital," within the meaning of section 207 of the Income Tax Act of October 3, 1917 (Comp. St. 1918, § 6336 3/8h). In its return for the year 1917, the insurance company declared its invested...

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