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CITY TITLE INS. CO. v. COMMISSIONER OF INTERNAL REV.

No. 18.

152 F.2d 859 (1946)

CITY TITLE INS. CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

January 3, 1946.

Attorney(s) appearing for the Case

Henry Halpern, of Brooklyn, N. Y., for petitioner-appellant.

Samuel O. Clark, Jr., of Washington, D. C. (Sewall Key, Robert N. Anderson, and Morton K. Rothschild, all of Washington, D. C., of counsel), for appellee.

Albert S. Willey, of Rochester, N. Y., amicus curiae.

Before SWAN, CHASE, and FRANK, Circuit Judges.

FRANK, Circuit Judge.

The revenue statute expressly provides, in sections 202 and 203, 26 U.S.C.A. Int. Rev.Code, that, as to certain insurance companies, percentages of certain reserve funds, including some required by a state statute, may be deducted from gross income. No similar deduction is referred to in § 204, which governs here. Consequently, the existence of a reserve or the mere fact that it was required by a state statute, cannot justify the deduction...

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