Mutual Sav. & Loan Co. v. Commissioner
United States Board of Tax Appeals
The petitioner is a Virginia industrial loan association whose business during the years 1936 and 1937 consisted entirely of receiving deposits and making loans and discounts. Held, that it is a "bank" within the meaning of section 104(a) of the Revenue Act of 1936.
1Dissent
Disney,
dissenting: I must dissent from the view expressed in the majority opinion that a corporation doing an industrial loan business under the Virginia statute is comprehended within the defini*1208tion of bank under section 104, Revenue Act of 1936. Staunton Industrial Loan Corporation v. Commissioner, 120 Fed. (2d) 912, so bolds, but witb all respect I point out that the opinion therein is, in effect, based upon only a part of the statutory definition in section 104 in that the court concludes in substance that the industrial loan corporation involved was a bank because it was a corporation “a…
2Cases cited3 opinions
- United States v. PelzerSupreme Court of the United States · 1941
- United States v. Cambridge Loan & Building Co.Supreme Court of the United States · 1928
- McCarter v. Imperial Trustee Co.Supreme Court of New Jersey · 1905