|
|
Rockford Life Insurance Co. v. Commissioner, 292 U.S. 382 (1934)
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.
Rockford Life Insurance Co. v. Commissioner, 292 U.S. 382 (1934)
Rockford Life Insurance Co. v. Commissioner of Internal Revenue No. 722 Argued April 4, 1934 Decided May 21, 1934 292 U.S. 382
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SEVENTH CIRCUIT
Syllabus
1. Under the Revenue Act of 1928, a life insurance company is not allowed to deduct from gross income the expense of a building owned and occupied in whole or in part by it unless there is included in the return of gross income the rental value of the space so occupied, not less than a sum which, in addition to any rents received from other tenants, shall provide a net income, after deducting taxes, depreciation, and other expenses at the rate of 40 per annum of the book value. Helvering v. Independent Life Ins. Co., ante, p. 371, followed. P. 383.
2. The deduction from gross income which a life insurance company may make under § 203(a)(7) of the Revenue Act of 1928, as a "reasonable" allowance for depreciation of furniture and fixture, is limited to such property as may fairly be allocated to its investment business, the income of which is taxed, as distinguished from its underwriting business, the income of which is not taxed. P. 384.
67 F.2d 213 affirmed.
Certiorari, 291 U.S. 655, to review the reversal on appeal of a decision of the Board of Tax Appeals overruling a deficiency assessment against the Insurance Company and finding an overassessment.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," Rockford Life Insurance Co. v. Commissioner, 292 U.S. 382 (1934) in 292 U.S. 382 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=ELJ7JRTZSH1GW91.
MLA: U.S. Supreme Court. "Syllabus." Rockford Life Insurance Co. v. Commissioner, 292 U.S. 382 (1934), in 292 U.S. 382, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=ELJ7JRTZSH1GW91.
Harvard: U.S. Supreme Court, 'Syllabus' in Rockford Life Insurance Co. v. Commissioner, 292 U.S. 382 (1934). cited in 1934, 292 U.S. 382. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=ELJ7JRTZSH1GW91.
|