Estate of Booth v. Commissioner
United States Tax Court
Ralph H. Booth Corporation owned shares of Detroit Bankers Company which, in turn, owned substantially all of the stock of First National Bank, Detroit, which failed and went into receivership. Ralph H. Booth Corporation paid its share of assessment on stockholders of the bank. Later, Ralph H. Booth Corporation was dissolved, and its assets were distributed in liquidation to its stockholders, including Mary B. Booth.
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Ralph H. Booth Corporation owned shares of Detroit Bankers Company which, in turn, owned substantially all of the stock of First National Bank, Detroit, which failed and went into receivership. Ralph H. Booth Corporation paid its share of assessment on stockholders of the bank. Later, Ralph H. Booth Corporation was dissolved, and its assets were distributed in liquidation to its stockholders, including Mary B. Booth. The assets so distributed included the right to a share in any distribution to those who had made payments to the Receiver of the bank on account of assessments on the…
1Opinion of the Court
Estate of Mary B. Booth, Deceased, National Bank of Detroit, Executor v. Commissioner.
Estate of Booth v. Commissioner
Docket No. 37085.
United States Tax Court
T.C. Memo 1954-36; 1954 Tax Ct. Memo LEXIS 210; 13 T.C.M. (CCH) 457; T.C.M. (RIA) 54140;
May 12, 1954, Filed
Ralph H. Booth Corporation owned shares of Detroit Bankers Company which, in turn, owned substantially all of the stock of First National Bank, Detroit, which failed and went into receivership. Ralph H. Booth Corporation paid its share of assessment on stockholders of the bank. Later, Ralph H. Booth Corporation was dissolved, and its…
2Cases cited1 opinion
- Murphy v. CommissionerUnited States Tax Court · 1954