Wilkinson v. Commissioner
United States Tax Court
A national bank, in which petitioner was a stockholder, owned all the shares of a subsidiary which performed functions related to the bank's activities. An order of the Comptroller of the Currency made it necessary for the bank to divest itself of this stock. A plan was devised whereby the bank transferred the stock to trustees, who were to hold legal title to such stock with a beneficial interest in the stockholders of the bank.
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A national bank, in which petitioner was a stockholder, owned all the shares of a subsidiary which performed functions related to the bank's activities. An order of the Comptroller of the Currency made it necessary for the bank to divest itself of this stock. A plan was devised whereby the bank transferred the stock to trustees, who were to hold legal title to such stock with a beneficial interest in the stockholders of the bank. The stockholders received nothing to evidence their beneficial interest in this trusteed stock. The beneficial interest was locked in with the bank stock, and it…
1Opinion of the Court
OPINION.
Mulroney, Judge:
Respondent determined a deficiency in the petitioners’ income tax for the year 1953 in the amount of $109.38.
The sole question in the case is whether petitioner, a stockholder in a banking corporation, received a taxable dividend by virtue of a transaction wherein the bank transferred stock which it owned in a securities company to trustees for the benefit of all the bank stockholders.
All of the facts have been stipulated and they are hereby found accordingly. Petitioners Earl R. Wilkinson and Grayce Wilkinson, husband and wife, are residents of Portland, Oregon. They…
2Cases cited6 opinions
- United States v. PhellisSupreme Court of the United States · 1921
- Lonsdale v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1929
- De Coppet v. HelveringCourt of Appeals for the Second Circuit · 1940
- Commissioner v. HagermanCourt of Appeals for the Third Circuit · 1939
- Coudon v. TaitDistrict Court, D. Maryland · 1932
1 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Universal Casting Corp. v. CommissionerUnited States Tax Court · 1961
- Broadview Lumber Co. v. United StatesCourt of Appeals for the Seventh Circuit · 1977
- Broadview Lumber Co., Inc., Plaintiff-Appellant-Cross-Appellee v. United States of America, Defendant-Appellee-Cross-Appellant. Broadview Lumber Co., Inc., Successor-In-Interest by Statutory Merger to Allen County Lumber Co., Inc., Plaintiff-Appellant-Cross-Appellee v. United States of America, Defendant-Appellee-Cross-AppellantCourt of Appeals for the Seventh Circuit · 1977
- Wilkinson v. CommissionerUnited States Tax Court · 1957