Show Pa Pi PS Tzi PS 1 Y Taxing Life Lie Insurance urance S men generally generall will support the bill pending pend- pend r- r rD D in ing in Congress for a n change in the revenue law as asT T it affects insurance insurance policies Under the existing existing- law business firms cannot be bc beneficiaries of insurance policies without becoming subject to the income income tax In the event of a fire covered by insurance insurance the return is not elapsed classed sed as income Likewise the widow widow or individual in- in R tl who collects on a life insurance policy escapes the he provisions pIO of the income tax A 1 conflicting feature of the existing casting law however is is that when a a man insures insures his life lifo to protect and carryon carry on his business after death the insurance is classed as income and is t taxable The bill introduced in the present present pres- pres ent session session by C Congressman Fordney is designed to 1 eel 1 this situation More often than not insurance policies with business firms named as beneficiaries are intended for family protection The man who ho has grown up with a business and made it successful largely by his own initiative wants it insured against ng the period of deca decay or unsettlement which is is likel likely to follow his retirement He regards his f p business as the best protection he lie can offer his family Life insurance insurance is is essentially protection and should not be discouraged by discriminating laws vi JI Pa Pa paa |