UTAH HOME FIRE INS. CO. v. COMMISSIONER OF INT. REV.

No. 717.

64 F.2d 763 (1933)

UTAH HOME FIRE INS. CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Tenth Circuit.

Rehearing Denied May 16, 1933.


Attorney(s) appearing for the Case

Benjamin H. Saunders, of Washington, D. C. (Charles D. Hamel, of Washington, D. C., Theodore L. Holman, of Salt Lake City, Utah, and Hamel, Park & Saunders and Edward M. Woolf, all of Washington, D. C., on the brief), for petitioner.

John G. Remey, of Washington, D. C. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key and Norman D. Keller, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and John D. Foley, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for respondent.

Before LEWIS, PHILLIPS, and McDERMOTT, Circuit Judges.


McDERMOTT, Circuit Judge.

The petitioner's operations in 1920 resulted in a loss, reflected in its surplus, occasioned by the large amount of business written that year, and the correspondingly heavy reserves it was required to set up to protect outstanding policies. In 1921 the business disclosed a large profit by reason of the cancellation of many of its policies and the release of reserves against them. The Commissioner declined to permit petitioner to deduct its...

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