Supreme Court of United States.https://leagle.com/images/logo.png
Argued March 31, 1965.
Decided May 17, 1965.
Attorney(s) appearing for the Case
Solicitor General Cox argued the cause for the United States. With him on the briefs were Assistant Attorney General Oberdorfer, Wayne G. Barnett and Philip B. Heymann.
Norris Darrell argued the cause for respondent. With him on the brief were M. Bernard Aidinoff, Kendyl K. Monroe, Dickson M. Saunders and Thomas C. Thompson, Jr.
Daniel B. Goldberg argued the cause for certain state and local governments, as amici curiae, urging affirmance. With him on the brief were Grant Sawyer, Governor of Nevada, John J. O'Connell, Attorney General of Washington, Jack P. F. Gremillion, Attorney General of Louisiana, John J. Gunther, Charles S. Rhyne, Robert B. Mathias, C. D. Ward and Charles E. Norman.
Supreme Court of United States.
MR. JUSTICE WHITE delivered the opinion of the Court.
The Life Insurance Company Income Tax Act of 1959,1 which represents a comprehensive overhaul of the laws relating to the taxation of life insurance companies, places a tax upon taxable investment income and upon one-half the amount by which total gain from operations exceeds taxable investment income.2 In arriving at taxable investment income and gain from...
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