Penn Mutual Life Insurance v. Lederer
Citations
- 252 U.S. 523
- 40 S. Ct. 397
- 64 L. Ed. 698
- 1920 U.S. LEXIS 1533
Syllabus
<p>The Income Tax Law of October 3,1913, c. 16,38 Stat. 172, § IIG. (b), provides that life insurance companies “ shall not include as income in • any year such portion of any actual premium received from any individual policyholder as shall' have been paid back or credited to such individual policyholder, or treated as an abatement of premium of such individual policyholder, within such year,” and that “there be deducted from gross income . . . the sums other than dividends paid within the year on policy and annuity contracts.” Held, that money derived by a mutual, company from redundancy of premiums paid in previous years, and paid to policyholders during the tax year as dividends in cash, not applied in abatement or reduction of their current premiums, should not be deducted from premium receipts in computing gross income. P) 527.</p> <p>No aid in construing an act of Congress can be derived, from the legislative history of another passed six years later. P. 537.'</p>
How courts have described this case
Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.
- stating that \no aid could possibly be derived from the legislative history of another act passed nearly six years after the one in question\
- “It is the essence of mutual insurance that the excess in the premium over the actual cost as later ascertained shall be returned to the policyholder.”
- “The legislative history of an act may, where the meaning of the words used is doubtful, be resorted to as an aid to construction .... But no aid could possibly be derived from the legislative history of another act passed nearly six years after the one in question.”
Source: CourtListener parenthetical corpus (CC0).
Judges: Brandeis
Read full opinion on CourtListenerSourced from CourtListener / Free Law Project (CC0).
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