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PENN MUTUAL INDEMNITY CO. v. COMMISSIONER

Docket No. 55553.

32 T.C. 653 (1959)

PENN MUTUAL INDEMNITY COMPANY (DISSOLVED), FRANCIS R. SMITH, INSURANCE COMMISSIONER OF THE COMMONWEALTH OF PENNSYLVANIA, STATUTORY LIQUIDATOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 15, 1959.

Attorney(s) appearing for the Case

John T. Curtin, Esq., for the petitioner.

Morton A. Smith, Esq., for the respondent.

OPINION:

RAUM, Judge:

Respondent determined a deficiency in the 1952 income tax liability of the Penn Mutual Indemnity Company in the amount of $12,566.76. The sole issue is whether section 207(a) (2) of the Internal Revenue Code of 1939 is constitutional as here applied. The facts have been stipulated.

Francis R. Smith, the Insurance Commissioner of the Commonwealth of Pennsylvania, is the statutory receiver of Penn Mutual Indemnity Company...

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