Palm Beach Trust Co. v. Commissioner
United States Tax Court
1. Petitioner, a private trust company, held not a "bank," within the definition of Internal Revenue Code, section 104, and not relieved of status as a personal holding company. 2. Interest on municipal obligations held exempt from Federal income tax, notwithstanding collection through sale. 3. Penalty for failure to file personal holding company return held proper on failure of petitioner to carry burden of proving reasonable cause and lack of willful neglect.
1Opinion of the Court
OPINION.
Opper, Judge:
Whether petitioner is a personal holding company under section 501, Internal Revenue Code, depends entirely upon its ability to qualify as “a bank,” within the excepting language of section 501 (b), the type of income actually received and the distribution of stock ownership being concededly otherwise encompassed, by the defining provisions. For the definition of “a bank” we are referred to section 104, which is as follows:(a) Definition. — As used in this section the term “bank” means a bank or trust company incorporated and doing business under the laws of the United…
2Cases cited1 opinion
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
3Cited by11 opinions
- Stevens Bros. Foundation, Inc. v. CommissionerUnited States Tax Court · 1962
- Handley Motor Company, Inc. v. The United StatesUnited States Court of Claims · 1964
- A. C. Monk & Co. v. CommissionerUnited States Tax Court · 1948
- Columbia, N. & L. R. Co. v. CommissionerUnited States Tax Court · 1950
- McKinney Manufacturing Co. v. CommissionerUnited States Tax Court · 1948
6 more not listed; retrieve them via the Exa API.