Home Bldg. & Sav. Co. v. Commissioner
United States Board of Tax Appeals
Petitioner held not a building and loan association entitled to exemption from taxation during the years 1918, 1919, 1920, 1921, 1922, and 1923 in the meaning of section 231(4) of the Revenue Acts of 1918 and 1921.
1Opinion of the Court
*294OPINION.
Siefkin:
The sole question to be decided is whether the petitioner, during the years in controversy, was a domestic building and loan association, exempt from taxation under the Revenue Acts of 1917, 1918, and 1921.
During the year 1918, the petitioner made loans on mortgage security in the amount of $371,028.98, of which $198,158.98, or approximately 53.41 per cent, was to members or stockholders, and $172,870, or approximately 46.59 per cent,- was to nonmembers or nonstock-holders. During the year it also made loans to members on stock or pass-book security in the amount of $22,935.…
2Cases cited1 opinion
- Lilley Building & Loan Co. v. MillerDistrict Court, S.D. Ohio · 1922
3Cited by1 opinion
- Home Bldg. & Sav. Co. v. CommissionerUnited States Board of Tax Appeals · 1928