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INDEPENDENT LIFE & ACCIDENT INS. CO. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 10692, 10693.

138 F.2d 408 (1943)

INDEPENDENT LIFE & ACCIDENT INS. CO. v. COMMISSIONER OF INTERNAL REVENUE. UNITED LIFE INS. CO. v. SAME.

Circuit Court of Appeals, Fifth Circuit.

October 22, 1943.

Attorney(s) appearing for the Case

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

Joseph M. Jones and Sewall Key, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for the Commissioner in No. 10692.

Joseph M. Jones, Sewall Key, Helen R. Carloss, and Helen Goodner, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, and Charles E. Lowery, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent in 10693.

Before SIBLEY, HOLMES, and WALLER, Circuit Judges

WALLER, Circuit Judge.

The sole question in each of these cases is whether or not the reserve maintained by the companies for the protection of the policy holders under the requirements of the Florida Statute (C.G.L., Florida, § 6264, F.S.A. §§ 626.11, 638.04) was such a reserve as would entitle the taxpayers during the taxable years to be defined as life insurance companies under Section 201(a) of the Revenue Acts of 1934 and 1936, 26 U.S.C.A. Int...

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