Ames Trust & Sav. Bank v. Commissioner
United States Tax Court
Outstanding obligations evidenced by "certificates of deposit" issued by petitioner bank, not subject to check, bearing interest, and payable only at maturities of 6 months and 1 year, held includible in borrowed capital under section 719, Internal Revenue Code, for purposes of computing petitioner's excess profits credit. Economy Savings & Loan Co., 5 T.C. 543.
1Opinion of the Court
Ames Trust & Savings Bank, Petitioner, v. Commissioner of Internal Revenue, Respondent
Ames Trust & Sav. Bank v. Commissioner
Docket No. 14982
United States Tax Court
12 T.C. 770; 1949 U.S. Tax Ct. LEXIS 199;
May 13, 1949, Promulgated
Decision will be entered under Rule 50.
Outstanding obligations evidenced by "certificates of deposit" issued by petitioner bank, not subject to check, bearing interest, and payable only at maturities of 6 months and 1 year, held includible in borrowed capital under section 719, Internal Revenue Code, for purposes of computing petitioner's excess profits credit.…
2Cases cited7 opinions
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- West Constr. Co. v. CommissionerUnited States Tax Court · 1946
- Economy Savings & Loan Co. v. Commissioner of Int. Rev.Court of Appeals for the Sixth Circuit · 1946
- Ames Trust & Sav. Bank v. CommissionerUnited States Tax Court · 1949
- Brann & Stuart Co. v. CommissionerUnited States Tax Court · 1947
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