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HELVERING V. OREGON MUT. LIFE INS. CO., 311 U. S. 267 (1940)

U.S. Supreme Court

Helvering v. Oregon Mut. Life Ins. Co., 311 U.S. 267 (1940)

Helvering v. Oregon Mutual Life Insurance Co.

No. 564

Argued November 19, 1940

Decided December 9, 1940

311 U.S. 267


1. Section 203(a)(2) of the Revenue Acts of 1932 and 134, which permit a life insurance company -- defined by the Acts as

"an insurance company engaged in the business of issuing life insurance and annuity contracts (including contracts of combined life, health, and accident insurance)"

-- in computing income tax, to deduct from gross income an amount equal to a prescribed percentage of its "reserve funds required by law," authorizes such deduction in respect of reserves (required by law) based upon disability provisions of policies of combined life and disability insurance. P. 311 U. S. 270.

2. The deduction may be taken in respect of such reserves whether the policyholders have then incurred disability or not. P. 311 U. S. 271.

112 F.2d 468 affirmed.

Certiorari, post, p. 640, to review the affirmance of a decision of the Board of Tax Appeals which reversed a determination of a deficiency in income tax.

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