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GREAT COMMONWEALTH LIFE INSURANCE CO. v. UNITED STATES

No. 73-1504.

491 F.2d 109 (1974)

GREAT COMMONWEALTH LIFE INSURANCE CO., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

March 18, 1974.

Attorney(s) appearing for the Case

O. Jan Tyler, Robert K. Sands, Dallas, Tex., for plaintiff-appellant.

Scott P. Crampton, Gary R. Allen, Asst. Attys. Gen., Meyer Rothwacks, Atty., Tax Div., Dept. of Justice, Lee H. Henkel, Jr., Acting Chief Counsel, IRS, Washington, D. C., Frank D. McCown, U. S. Atty., Martha Joe Stroud, Asst. U. S. Atty., Dallas, Tex., for defendant-appellee.

Before THORNBERRY, GODBOLD and CLARK, Circuit Judges.

THORNBERRY, Circuit Judge:

In computing its taxable gain from operations for 1966, Great Commonwealth took account of only the net valuation portion of deferred and uncollected premiums. On examination of the return, the Commissioner increased the taxable income by requiring inclusion of the gross amount of those premiums and assessed a deficiency of $62,260.15 plus interest. Great Commonwealth paid the deficiency and subsequently filed this suit for a refund, which...

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