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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