Best Life Assurance Company of California - Page 1

                                       T.C. Memo. 2000-134                                             

                                     UNITED STATES TAX COURT                                           

                 BEST LIFE ASSURANCE COMPANY OF CALIFORNIA, Petitioner v.                              
                        COMMISSIONER OF INTERNAL REVENUE, Respondent                                   

                  Docket No. 11579-96.                   Filed April 12, 2000.                         

                        Held:  Accrued unpaid losses on cancelable                                     
                  accident and health insurance policies are not to be                                 
                  treated as part of total reserves in the life insurance                              
                  company qualifying fraction, and petitioner therefore                                
                  qualifies as a “life insurance company” under sec.                                   
                  816(a), I.R.C.  Statements made in United States v.                                  
                  Occidental Life Ins. Co., 385 F.2d 1 (9th Cir. 1967)                                 
                  (the Court of Appeals to which an appeal herein would                                
                  lie), do not control our holding herein.                                             

                  Michael R. Schlessinger and Michael A. Clark, for                                    
                  Milton J. Carter, Jr., Gregory M. Hahn, and Keith G. Medleau,                        
            for respondent.                                                                            

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