Words and Phrases - "excise tax"

a
88
b
44
c
80
d
54
e
38
f
31
g
20
h
14
i
74
j
2
k
2
l
32
m
56
n
25
o
38
p
81
q
3
r
77
s
90
t
47
u
16
v
9
w
23
y
2

Allstate Insurance Co. v. U.S., 419 F. 2d 409 (Ct. Cl. 1969)

Summary Under
Tax Topics - Income Tax Act - Section 126 - Subsection 126(7) - Non-Business-Income Tax

Premium taxes which an Illinois stock casualty insurance company (which sold insurance policies in each of the provinces of Canada) paid on the gross amount of premiums it collected in Canada did not constitute a creditable income tax for purposes of s. 901(b) of the 1954 Code because:

"The premiums taxes were not based on gain or profit but on a part of plaintiff's gross income or gross receipts. Plaintiff may have had a gain or it may have had a loss in operating its insurance business during the year in question, but this would not affect the premiums tax it had to pay ... Taxes imposed on insurance premiums for the privilege of transacting business long have been designated an 'excise tax.'" (p. 414)

Words and Phrases
excise tax