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EQUITABLE SOCIETY v. COMM'R

No. 492.

321 U.S. 560 (1944)

64 S.Ct. 722

88 L.Ed. 927

EQUITABLE LIFE ASSURANCE SOCIETY v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided March 27, 1944.

Attorney(s) appearing for the Case

Mr. John L. Grant for petitioner.

Mr. Chester T. Lane, with whom Solicitor General Fahy, Assistant Attorney General Samuel O. Clark, Jr., and Messrs. Sewall Key, J. Louis Monarch, L.W. Post, and Robert L. Stern were on the brief, for respondent.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

The question in this case is whether petitioner, a mutual life insurance company, was entitled to deduct from its gross income for 1933 "excess interest dividends" paid within that year. The deduction was authorized if the amounts were "interest" paid on "indebtedness"1 within the meaning of § 203 (a) (8) of the Revenue Act of 1932, 47 Stat. 169, 225. The Tax Court denied the...

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