MCCOACH V. INSURANCE CO. OF NORTH AMERICA, 244 U. S. 585 (1917)

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U.S. Supreme Court

McCoach v. Insurance Co. of North America, 244 U.S. 585 (1917)

McCoach v. Insurance Company of North America

No. 475

Argued Mach 14, 1917

Decided June 11, 1917

244 U.S. 585

Syllabus

A fire and marine insurance company in Pennsylvania is not required to maintain a reserve against unpaid losses by the law of that state (P.L. 1911, p. 607), and therefore amounts added by it to such a reserve may not be deducted in determining the company's taxable net income under § 38 of the Federal Corporation Excise Tax Act of August 5, 1909, c. 6, 36 Stat. 11, 112.

224 F.6d 7 reversed.

The case is stated in the opinion.