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COMMISSIONER OF INTERNAL REVENUE v. INTER-MOUNTAIN LIFE INS. CO.

No. 1003.

71 F.2d 962 (1934)

COMMISSIONER OF INTERNAL REVENUE v. INTER-MOUNTAIN LIFE INS. CO.

Circuit Court of Appeals, Tenth Circuit.

June 11, 1934.

Attorney(s) appearing for the Case

Edward H. Horton, Sp. Asst. to Atty. Gen. (Frank J. Wideman, Asst. Atty. Gen., and Seawall Key, Sp. Asst. to Atty. Gen., on the brief), for petitioner.

Delos C. Johns, of Kansas City, Mo. (Charles E. McLaughlin, of Sacramento, Cal., Homer H. Berger, of Kansas City, Mo., and Abram R. Serven, of Washington, D. C., on the brief), for respondent.

Before PHILLIPS, McDERMOTT, and BRATTON, Circuit Judges.

McDERMOTT, Circuit Judge.

Consistent with its many rulings on the point, the Board of Tax Appeals allowed respondent a deduction in its 1922 return (Revenue Act 1921, § 245 (a) (2), 42 Stat. 261) on account of reserve funds held to meet its liabilities to holders of matured, unsurrendered and unpaid coupons attached to its twenty-payment life coupon nonparticipating policies. The Commissioner has petitioned to review.

Respondent is a Utah corporation...

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