United States Board of Tax Appeals July 17, 1934, Docket Nos. 30133, 31998, 56024, 63436. (American Cent. Life Ins. Co. v. Commissioner)

lead-opinion

*1187OPINION.

Steknhagen:

1. In computing the deduction under section 245, Bevenue Act of 1926, and section 203, Bevenue Act of 1928, the Commissioner has excluded from the “ reserve funds required by law ” the stipulated amounts of the insured’s personal benefit fund. This fund, as is shown by the findings, consists of amounts of $6.