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Helvering v. Illinois Life Ins. Co., 299 U.S. 88 (1936)

Helvering v. Illinois Life Ins. Co.

No. 27

Argued October 16, 1936

Decided November 9, 1936

299 U.S. 88


1. "Reserve funds required by law," as intended by § 203(a)(2) of the Revenue Act of 1928 permitting the deduction of a percent of such funds from gross income in computing the net income of a life insurance company, are reserves which directly pertain to life insurance. Helvering v. Insurance Co., 294 U. S. 686. P. 299 U. S. 90.

2. Such reserves do not include "survivorship investment funds," accumulated by setting aside part of the premiums paid the insurance company on 20-payment life policies, from which funds stipulated payments will be made to those of the policyholders who survive the 20-year period. Id.

80 F. 2d 280, reversed.

Certiorari, 298 U.S. 650, to review the affirmance by the court below of a decision of the Board of Tax Appeals, 30 B.T.A. 11662, which sustained a deduction made by the insurance company in its income tax return.

Page 299 U. S. 89

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