National Bank of Commerce v. Commissioner
United States Tax Court
In 1933 the Marine Bancorporation owned about 90 per cent of the stock of petitioner and six smaller banks. In 1933, pursuant to a plan of reorganization, the six smaller banks transferred all assets owned by them to petitioner and petitioner assumed all their liabilities. Preliminary to the transfer the smaller banks charged off their books certain debts considered to be worthless or subject to criticism by either state or national bank examiners.
Read the full summary
In 1933 the Marine Bancorporation owned about 90 per cent of the stock of petitioner and six smaller banks. In 1933, pursuant to a plan of reorganization, the six smaller banks transferred all assets owned by them to petitioner and petitioner assumed all their liabilities. Preliminary to the transfer the smaller banks charged off their books certain debts considered to be worthless or subject to criticism by either state or national bank examiners. In the 1933 tax returns all of these charge-offs were taken as deductions, but no reduction in taxable income resulted because the net losses of…
1Opinion of the Court
OPINION.
Black, Judge:
The principal question for our determination in this proceeding is whether the petitioner herein, as the successor bank, having acquired the assets of the smaller banks in a reorganization, is entitled to certain “recovery exclusions” from its taxable income in 1942 and 1943 within the meaning of section 22 (b) (12) of the Internal Revenue Code.1
Respondent contends that the issue herein is res judicata by reason of the prior decision of the Board of Tax Appeals in the case of this petitioner in Docket No. 89720, and, if it is not, that the recoveries in 1942 and 1943 on…
2Cases cited4 opinions
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- Wheaton and Donaldson v. Peters and GriggSupreme Court of the United States · 1834
- C. D. Johnson Lumber Corp. v. CommissionerUnited States Tax Court · 1949
- Rice Drug Co. v. CommissionerUnited States Tax Court · 1948
3Cited by15 opinions
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Akron, C. & Y. R. Co. v. CommissionerUnited States Tax Court · 1954
- Ridge Realization Corp. v. CommissionerUnited States Tax Court · 1966
- Glenshaw Glass Co. v. CommissionerUnited States Tax Court · 1949
- First Nat. Bank v. ScofieldDistrict Court, S.D. Texas · 1952
10 more not listed; retrieve them via the Exa API.