Republic Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Held, a certificate of the Banking Commissioner of Texas to the effect that "its known financial condition is that assets sufficient to pay its depositors in full do not exist when and if this bank is required to pay any Federal taxes" is not admissible in evidence to prove the facts therein stated, when objected to by respondent. 2. During the taxable year petitioner received back from the Comptroller of the Currency bonds in the amount of $21,600, which had theretofore…
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1. Held, a certificate of the Banking Commissioner of Texas to the effect that "its known financial condition is that assets sufficient to pay its depositors in full do not exist when and if this bank is required to pay any Federal taxes" is not admissible in evidence to prove the facts therein stated, when objected to by respondent. 2. During the taxable year petitioner received back from the Comptroller of the Currency bonds in the amount of $21,600, which had theretofore been deposited by petitioner with the Comptroller to secure payment of certain unproven claims of depositors. Upon…
1Opinion of the Court
REPUBLIC BANK & TRUST COMPANY, Z. GOSSETT, BANKING COMMISSIONER OF TEXAS, STATUTORY RECEIVER IN LIQUIDATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Republic Bank & Trust Co. v. Commissioner
Docket No. 76490.
United States Board of Tax Appeals
36 B.T.A. 680; 1937 BTA LEXIS 668;
October 20, 1937, Promulgated
1. Held, a certificate of the Banking Commissioner of Texas to the effect that "its known financial condition is that assets sufficient to pay its depositors in full do not exist when and if this bank is required to pay any Federal taxes" is not admissible in evidence to…
2Cases cited3 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Guaranty State Bank v. CommissionerUnited States Board of Tax Appeals · 1928
- Republic Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1937