Reports of Cases Decided in the Supreme Court of the State of Indiana Volume 186

Reports of Cases Decided in the Supreme Court of the State of Indiana Volume 186

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ...time and place of their application on account of premium indebtedness due the company determine the right to tax such bonuses or dividends, and not the occasion of their appropriation by the company in the first instance. Nor is it a controlling fact that the surplus fund so appropriated is made up, in part, of the socalled "loading" or excess premium, since it is not the money which is taxed but the receipt of a credit by the company in exchange for a credit which it gives the insured. The whole question is one of contractual obligations and of property rights, rather than the economic source of particular funds, and unless, as in the mutual plan, there is a true abatement of premiums, the insurance company, under the statute at issue, is liable to taxation on all credits received from policy Metropolitan Life Ins. Co. '0. State--186 Ind. 407. holders in this state on account of insurance premiums, whatever the form of such credits. The distinction which we have drawn between stock and mutual companies is' referred to in the case 01" Mutual, etc., Ins. Co. V. Herold, supra, at page 212, although the question is not there presented for decision, and we know of but one case which is not in harmony with the conclusion herein reached. In Commonwealth V. Metropolitan Life Ins. Co. (1916), 254 Pa. 510, 98 Atl. 1072, the Supreme Court of Pennsylvania approved, without discussion, the opinion of the trial court holding that bonuses and dividends credited to its policy-holders by this appellant are not taxable under the Pennsylvania statute. On reference to the opinion of the county court, however, it will be noted that the. trial judge, without extended argument, relies expressly on his own decision in Commonwealth V. Penn, more

Product details

  • Paperback | 288 pages
  • 189 x 246 x 15mm | 517g
  • United States
  • English
  • black & white illustrations
  • 1236805283
  • 9781236805287