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NEW WORLD LIFE INS. CO. v. UNITED STATES

No. 43549.

26 F.Supp. 444 (1939)

NEW WORLD LIFE INS. CO. v. UNITED STATES.

Court of Claims.

March 6, 1939.

Attorney(s) appearing for the Case

Walter E. Barton, of Washington, D. C., for plaintiff.

Guy Patten, of Washington, D. C., and James W. Morris, Asst. Atty. Gen. (Fred K. Dyar and Robert Anderson, both of Washington, D. C., on the brief), for the United States.

Before BOOTH, Chief Justice, and GREEN, LITTLETON, WHALEY, and WILLIAMS, Judges.

LITTLETON, Judge.

The first question involves a construction of section 203(a) (5), Revenue Act of 1928, 26 U.S.C.A. § 203(a) (5), which relates to the deduction allowable to a life insurance company in respect of investment expenses. This section is in the following language: "In the case of a life insurance company the term `net income' means the gross income less * * * investment expenses paid during the taxable year: Provided, That if any general expenses...

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