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ROYAL HIGHLANDERS v. COM'R OF INTERNAL REVENUE

No. 12621.

138 F.2d 240 (1943)

ROYAL HIGHLANDERS v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Eighth Circuit.

October 25, 1943.

Attorney(s) appearing for the Case

Leonard A. Flansburg, of Lincoln, Neb., (Charles H. Flansburg, of Lincoln, Neb., on the brief), for petitioner.

F. E. Youngman, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and J. Louis Monarch, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before SANBORN and RIDDICK, Circuit Judges, and DELEHANT, District Judge.

SANBORN, Circuit Judge.

The questions for decision are: (1) whether the amounts carried by the petitioner, a mutual legal reserve life insurance company of Nebraska, in a "Premium Reduction Credit Reserve" should be included in "the reserve funds required by law" in determining the mean of such funds deductible from gross income under § 203 (a) (2) of the Revenue Acts of 1936 and 1938, 49 Stat. 1648, 52 Stat. 447, 26 U.S. C.A.Int.Rev.Code, § 203(a) (2);...

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