1931 BTA LEXIS 2209 | B.T.A. | 1931
Lead Opinion
The main issue here raised by the petitioner is in respect of the application to petitioner’s income tax return for the year 1924 and the application throughout of the provisions of section 245 (b) of the Revenue Act of 1924, which is as follows:
No deduction shall be made under paragraphs (6) and (7) of subdivision (a) on account of any real estate owned and occupied in whole or in part by a life insurance company unless there is included in the return of gross income the rental value of the space so occupied. Such rental value shall he not less than a sum which in addition to any rents received from other tenants shall provide a net income (after deducting taxes, depreciation, and all other expenses) at the rate of 4 per centum per annum of the book value at the end of the taxable year of tlie real estate so owned or occupied.
We are, therefore, of the opinion that the question of the plea of the statute of limitations against an increase of deficiency need not here be considered.
Judgment of no deficiency will ~be entered.