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PENNSYLVANIA CO. FOR INSURANCES ON LIVES & GRANTIN

November 7, 1942

PENNSYLVANIA CO. FOR INSURANCES ON LIVES AND GRANTING ANNUITIES
v.
UNITED STATES



The opinion of the court was delivered by: GANEY

The question here involved is substantially similar to that raised in Pennsylvania Company for Insurances on Lives and Granting Annuities, trustee under trust agreement dated August 9, 1932, as supplemented, with Capital Savings Plan, Inc., and the holders of the contract certificates issued thereunder, v. United States of America, D.C., 48 F.Supp. 873, and was presented by both of the government and the petitioner in a single argument and both plans discussed together in their respective briefs.

 In view of the similarity of the trust agreements, the same ruling is hereby made with respect to the instant case as that made with respect to Capital Savings Plan, Inc., and that opinion is adopted by reference here. This ruling is based on the power of substitution given the trustee enabling it to change investments, and thus, in reality, giving to the trustee a degree of management unlike that usually invested in the trustee of a simple trust, and, this, coupled with the other powers granted under the trust agreement, give it the corporate garb for taxation purposes. Judgment is entered for the defendant.

19421107

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