Legal Opinion
United States v. Centennial Savings Bank FSB
Supreme Court of the United States
Decided April 17, 1991No. 89-1926PublishedCited by 98 opinions
1Opinion of the CourtJustice Marshall
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In this case, we consider two questions relating to the federal income tax liability of respondent Centennial Savings Bank FSB (Centennial). The first is whether Centennial realized deductible losses when it exchanged its interests in one group of residential mortgage loans for another lender’s interests in a different group of residential mortgage loans. The second is whether penalties collected by Centennial for the premature withdrawal of federally insured certificates of deposit (CD’s) constituted “income by reason of the discharge . . . of indebtedness” excludable from gross income…
2Cases cited11 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Commissioner v. JacobsonSupreme Court of the United States · 1949
- Commissioner v. TuftsSupreme Court of the United States · 1983
- Nelson C. And Adele B. Elam v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1973
- San Antonio Savings Association and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1989
6 more not listed; retrieve them via the Exa API.
3Cited by98 opinions
- Commissioner v. SchleierSupreme Court of the United States · 1995
- Dudley B. Merkel Ladonna K. Merkel David A. Hepburn, and Nancy J. Hepburn v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1999
- Jack R. Hawkins, Cynthia J. Hawkins, Husband & Wife v. United StatesCourt of Appeals for the Ninth Circuit · 1994
- Albert J. Taggi & Ann D. Taggi v. United StatesCourt of Appeals for the Second Circuit · 1994
- George J. Hemelt Theresa G. Hemelt v. United States of America, William W. Schell Laverne C. Schell v. United StatesCourt of Appeals for the Fourth Circuit · 1997
93 more not listed; retrieve them via the Exa API.