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EDERAL
VOLUME I

REGISTER
1934

Canteo

NUMBER 140

Washington, Saturday, September 26, 1936
PRESIDENT OF THE UNITED STATES.
E xecutive O rder
TREASURY DEPARTMENT.
Bureau of Internal Revenue.

WITHDRAWAL OF PUBLIC LAND FOR LOOKOUT STATION

T. D.4697

California
M utual I n su r an c e C o m pa nies O ther T h an L if e D eductions

By virtue of and pursuant to the authority vested in-me by To Collectors of Internal Revenue and Others Concerned:
the act of June 25, 1910, ch. 421, 36 Stat. 847, as amended by Article 207-1 of Regulations 86 is hereby revoked and in the act of August 24, 1912, ch. 369, 37 Stat. 497, it is ordered lieu thereof there are hereby prescribed the following regu as follows:
lations:
S ection 1. Executive Order No. 6910 of November 26, 1934, 207-1. Gross incom e of m u tu al insurance com panies o th er as amended, temporarily withdrawing certain lands for classi th aapt n life.The gross income of m utual insurance companies other fication and other purposes, is hereby revoked as to the th an life consists o f their total revenue from th e operation of th e business and of their income from all other sources w ithin the following-described tract of public land in California:

taxable year, except as otherwise provided by th e Act. Gross income includes net premiums th at is, gross prem ium s less returned prem ium s on policies canceled and premiums on policies not T. 26 S., R. 8 E., sec. 13, S E N E , 40 acres.
ta k e n , investm ent income, profits from th e sale of assets, and all S ection 2. Subject t 9 valid existing rights, the tract of land gains, profits, and income reported to the State insurance depart m ents, except incom e specifically exempt from tax. Premiums re described in section 1 of this order is hereby temporarily ceived by m utual m arine insurance companies w hich are paid out withdrawn from settlement, location, sale, or entry and re for reinsurance should be elim inated from gross income and the served for use as a lookout station in connection with Federal paym ents for reinsurance from disbursements. Deposit premiums on perpetual risks received and returned by m utual fire insurance and State cooperative forest-protection work.
companies should be treated in th e same manner, as no reserve will S ection 3. Section 2 of this order shall continue in force be recognized covering liability for su ch deposits. The earnings on and effect unless and until revoked by the President or by act such deposits, including su ch portion, if any, of th e deposits as is not returned to th e policyholders upon cancellation of th e policies, of Congress.
m ust be included in th e gross incom e. A n e t decrease in reserve F ran k lin D R oosevelt funds required by law w ithin th e taxable year m ust be included in T he W h it e H o u se , the gross income to th e exten t th a t su ch funds are released to the general uses of th e com pany and increase its free assets. Any net September 23, 1936.
decrease in reserves shall be added to th e gross income, unless the com pany shall show th a t such decrease resulted from th e applica No. 7453
tion of reserves to th e purposes for w hich they were established.
Art . 2072. D eductions allowed m u tu a l insurance com panies IF. R. Doc. 2556Filed, September 24,1936; 2 :31 p. m.
o th er th a n life insurance com panies.M utual insurance companies other than life insurance coiiipanies are entitled to th e same deductions from gross incom e as other corporations, and also to th e deduction of th e net addition required by law to be made E xecutive O rder w ithin th e taxable year to reserve fun ds and of th e sum s other th a n dividends paid w ithin th e taxable year on policy and annuity REVOCATION OF EXECUTIVE ORDERS NOS. 6671 AND 6781 OF APRIL 7 contracts. As to life insurance com panies, see sections 201203
1934, AND JUNE 30, 1934, RESPECTIVELY, WITHDRAWING PUBLIC and articles 201 a -1 203 c - l . Insurance companies, other than m utual and life com panies, are en titled only to th e deductions LANDS
allowed by section 204 c . See article 204 c 1. M utual in
Arizona surance com panies are n o t en titled to the deductions allowed by section 204 c , b u t except in th e case of life insurance com
By virtue of and pursuant to the authority vested in me panies are en titled to the deductions allowed by section 23.
by the act of June 25, 1910, ch. 421, 36 Stat. 847, as amended Paid includes accrued or incurred construed according to e m ethod of accounting up on th e basis of w hich th e n et income by the act of August 24, 1912, Ch. 369, 37 Stat. 497, Executive th is com puted during th e taxable year, b u t does n o t Include any Orders Nos. 6671 and 6781 of April 7,1934, and June 30, 1934, estim ate for losses incurred b u t n ot reported during th e taxable respectively, withdrawing public lands in T. 12 N., R. 3 E., year.
Art . 207-3. R equired ad d itio n to reserve fu n ds of m u tu a l in su r and T. 18 N., R. 5 W. of the Gila and Salt River meridian, com panies.M utual insurance companies, other th a n life in
Arizona, respectively, pending resurvey, are hereby revoked. ance surance companies, m ay deduct from gross incom e the n e t addition This order shall become effective upon the date of the required by law to be made w ith in th e taxable year to reserve funds, including in th e case of assessm ent Insurance com panies th e official filing of the plats of resurvey of said townships.
actual deposit of su m s w ith State or Territorial officers pursuant F r a n k lin D R oosevelt to law as additions to guarantee or reserve funds. Reserve funds T he W h it e H o u se , required by law Include n ot only reserves required by express statutory provisions b u t also reserves required by th e rules and September 23, 1936
regulations of S tate Insurance departm ents w hen prom ulgated in th e exercise of an appropriate power conferred by statu te, b u t do No. 7454
n ot include assets required to be held for th e ordinary running F. R. Doc. 2555Filed, Septem ber 24,1936; 2:31 p.m expenses of th e business, su ch as taxes, salaries, reinsurance, and M o u n t D iablo Meridian
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