Farmers & Merchants Bank v. Commissioner
United States Tax Court
Petitioner, a banking institution, closed its doors December 20, 1931 and, in order to make possible its reopening and continued operation as a going bank, it was agreed by petitioner and each of its depositors and each of the stockholders in the continuing bank that all of the depositors in the bank when closed relinquish and cancel 75 per cent of their respective deposits, and that the amount of these waived and canceled deposits would be paid by such stockholders from any…
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Petitioner, a banking institution, closed its doors December 20, 1931 and, in order to make possible its reopening and continued operation as a going bank, it was agreed by petitioner and each of its depositors and each of the stockholders in the continuing bank that all of the depositors in the bank when closed relinquish and cancel 75 per cent of their respective deposits, and that the amount of these waived and canceled deposits would be paid by such stockholders from any dividends declared and paid upon their stock in the continuing bank, with certain conditions. During the respective…
1Opinion of the Court
Farmers & Merchants Bank v. Commissioner.
Farmers & Merchants Bank v. Commissioner
Docket No. 11668.
United States Tax Court
1948 Tax Ct. Memo LEXIS 232; 7 T.C.M. (CCH) 145; T.C.M. (RIA) 48037;
March 19, 1948
Petitioner, a banking institution, closed its doors December 20, 1931 and, in order to make possible its reopening and continued operation as a going bank, it was agreed by petitioner and each of its depositors and each of the stockholders in the continuing bank that all of the depositors in the bank when closed relinquish and cancel 75 per cent of their respective deposits, and that the…
2Cases cited2 opinions
- Cornell v. CoyneSupreme Court of the United States · 1904
- Peoples Bank v. CommissionerUnited States Board of Tax Appeals · 1941