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COMMISSIONER OF INT. REV. v. GREAT AMERICAN LIFE INS. CO.

No. 894.

70 F.2d 133 (1934)

COMMISSIONER OF INTERNAL REVENUE v. GREAT AMERICAN LIFE INS. CO.

Circuit Court of Appeals, Tenth Circuit.

Rehearing Denied April 30, 1934.

Attorney(s) appearing for the Case

Francis H. Horan, Sp. Asst. to Atty Gen. (Pat Malloy, Asst. Atty. Gen., J. Lonis Monarch, Sp. Asst. to Atty. Gen., and E. Barrett Prettyman, Gen. Counsel, Bureau of Internal Revenue, and Lloyd W. Creason, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., on the brief), for petitioner.

Warren H. White, of Rock Rapids, Iowa (A. C. Mallov and Roy C. Davis, both of Hutchinson, Kan., on the brief), for respondent.

Thomas Watters, Jr., and Maxwell A. O'Brien, both of Des Moines, Iowa, amici curiæ.

Before LEWIS, PHILLIPS, and McDERMOTT, Circuit Judges.

McDERMOTT, Circuit Judge.

Section 203 (a) (2) of the Revenue Act of 1928 (45 Stat. 791, 843, 26 USCA § 2203 (a) (2) provides that life insurance companies may deduct from their gross income "4 per centum of the mean of the reserve funds required by law." Treasury Department Regulation 74, Art. 971, provides that:

"The reserve deduction is based upon the reserves required by express statutory provisions or by the rules and regulations of the State Insurance...

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