Central Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Under an agreement between petitioner and another national bank, petitioner sold all its assets to the other bank and agreed to liquidate, and in consideration the other bank assumed all liabilities of petitioner to its depositors and creditors and also agreed to pay petitioner a certain sum which represented the total amount of petitioner's capital, surplus and undivided profits, plus an agreed amount for good will.
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1. Under an agreement between petitioner and another national bank, petitioner sold all its assets to the other bank and agreed to liquidate, and in consideration the other bank assumed all liabilities of petitioner to its depositors and creditors and also agreed to pay petitioner a certain sum which represented the total amount of petitioner's capital, surplus and undivided profits, plus an agreed amount for good will. Held, the transaction was not a reorganization under section 112, Revenue Act of 1928, but a sale. Pinellas Ice & Cold Storage Co. v. Commissioner,287 U.S. 462, followed. 2.…
1Opinion of the Court
*725OPINION.
Matthews :
A motion to dismiss this proceeding for lack of jurisdiction was filed by respondent prior to the expiration of the time for filing his answer. A hearing was had on the motion and upon consideration it was denied for the reason that under the authorities, National Bank v. Insurance Co., 104 U.S. 54; Central Natl. Bank of Missouri, 11 B.T.A. 1017, a national bank which goes into voluntary liquidation continues to exist as a body corporate, capable of suing or being sued until its affairs are completely settled.
*726The petitioner contends that the transaction set forth in our…
2Cases cited6 opinions
- National Bank v. Insurance Co.Supreme Court of the United States · 1881
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Stock Yards Bank of Cincinnati v. CommissionerUnited States Board of Tax Appeals · 1932
- Thomas v. CommissionerUnited States Board of Tax Appeals · 1929
- Barker v. CommissionerUnited States Board of Tax Appeals · 1933
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3Cited by2 opinions
- Ballwood Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Central Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1934