United States v. Boston Ins. Co.,
Annotate this Case
269 U.S. 197 (1925)
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U.S. Supreme Court
United States v. Boston Ins. Co., 269 U.S. 197 (1925)
United States v. Boston Insurance Company
Argued October 9, 1925
Decided November 23, 1925
269 U.S. 197
The Revenue Act of 1916, § 12, Par. "First," subdiv. (c), in defining deductions from gross income allowable in ascertaining the net income of domestic corporation, included, in the case of insurance companies, "the net addition, if any, required by law to reserve fund." Held, that "reserve funds " does not embrace funds held by a fire and marine insurance company, as required by the New York Superintendent of Insurance, to cover accrued but unsettled claims for losses. McCoach v. Insurance Co., 244 U. S. 585, followed; Maryland Casualty Co. v. United States, 251 U. S. 342, explained and in part disapproved. P. 269 U. S. 202.
58 Ct.Cls. 603 reversed.
Appeal from a judgment of the Court of Claims allowing recovery of an amount exacted of the Insurance Company as income taxes.