Penn Mutual Life Ins. Co. v. Lederer, 252 U.S. 523 (1920)
Contents:
Show Summary
Hide Summary
General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Penn Mutual Life Ins. Co. v. Lederer, 252 U.S. 523 (1920)
Penn Mutual Life Insurance Company v. Lederer No. 499 Argued March 22, 23, 1920 Decided April 19, 1920 252 U.S. 523
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE THIRD CIRCUIT
Syllabus
The Income Tax Law of October 3, 113, c. 16, 38 Stat. 172, § II G.(b), provides that life insurance companies
shall not include as income in any year such portion of any actual premium received from any individual policyholder as shall have been paid back or credited to such individual policyholder, or treated as an abatement of premium of such individual policyholder, within such year,
and that "there be deducted from gross income . . . the sums other than dividends paid within the year on policy and annuity contracts." Held that money derived by a mutual company from redundancy of premiums paid in previous year, and paid to policyholders during the tax year as dividends in cash, not applied in abatement or reduction of their current premiums, should not be deducted from premium receipts in computing gross income. P. 527.
No aid in construing an act of Congress can be derived from the legislative history of another passed six years later. P. 537.
258 F. 81 affirmed.
The case is stated in the opinion.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," Penn Mutual Life Ins. Co. v. Lederer, 252 U.S. 523 (1920) in 252 U.S. 523 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=3FXA271KIRCDG93.
MLA: U.S. Supreme Court. "Syllabus." Penn Mutual Life Ins. Co. v. Lederer, 252 U.S. 523 (1920), in 252 U.S. 523, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=3FXA271KIRCDG93.
Harvard: U.S. Supreme Court, 'Syllabus' in Penn Mutual Life Ins. Co. v. Lederer, 252 U.S. 523 (1920). cited in 1920, 252 U.S. 523. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=3FXA271KIRCDG93.
|