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Taxation - Federal Income Tax - Commission Received By Life Insurance Agent On Policies Purchased By Him Held To Be Taxable Income, Roger W. Findley S.Ed.
Taxation - Federal Income Tax - Commission Received By Life Insurance Agent On Policies Purchased By Him Held To Be Taxable Income, Roger W. Findley S.Ed.
Michigan Law Review
Taxpayer was agent for eleven life insurance companies. From two of them he purchased policies on the lives of his business partner, three key employees, and his children. He paid the regular premiums and subsequently received standard first-year and renewal commissions. When taxpayer did not include these in his gross income, the Commissioner assessed deficiencies and was sustained by the district court, On appeal, held, affirmed. A commission received by a life insurance agent on a policy purchased by him is taxable income. Ostheimer v. United States, (3d Cir. 1959) 264 F. (2d) 789, cert. den. 80 S.Ct. …
Appeal And Error-Right Of Defendant To New Trial Where Plaintiff Is Entitled To All Or None And Verdict Is Intermediate, Bruce L. Moore S.Ed.
Appeal And Error-Right Of Defendant To New Trial Where Plaintiff Is Entitled To All Or None And Verdict Is Intermediate, Bruce L. Moore S.Ed.
Michigan Law Review
In an action on an express contrast, plaintiff sued for $1750, representing the agreed 5 per cent commission on the sale of real estate. Defendant denied the validity of the contract, and there was no issue as to the amount of liability if liability existed. The instruction to the jury was that plaintiff was entitled to 5 per cent commission if entitled to recover. The jury returned a verdict for $875, half the amount claimed. Defendant's motion for a new trial was denied. Held, although the verdict was unauthorized as to plaintiff, there was no error as to defendant …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
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