
    HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. PAN-AMERICAN LIFE INSURANCE CO.
    No. 264.
    Argued November 19, 1940.
    Decided December 9, 1940.
    
      Mr. Arnold Raum, with whom Solicitor General Biddle, Assistant Attorney General Clark, and Messrs. 
      
      Sewall Key and Edward H. Horton were on the brief, for petitioner.
    
      Mr. Eugene J. McGivhey for respondent.
   Mr. Justice Black

delivered the opinion of the Court.

This case involves respondent’s income tax for the tax year 1933. It is in all respects governed by our decision in Helvering v. Oregon Mutual Life Ins. Co., ante, p. 267, and on the authority of that case the decision below is

Affirmed.  