Siegel v. Commissioner
United States Board of Tax Appeals
1. Under the 1918 amendment to the National Banking Act, three banking associations agreed to unite their business and assets and to continue the business under the charter of one of such associations, in accordance with the provisions of the statute.
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1. Under the 1918 amendment to the National Banking Act, three banking associations agreed to unite their business and assets and to continue the business under the charter of one of such associations, in accordance with the provisions of the statute. Held, that no new corporate entity was created, the effect of the statute being to merge the identity of two of such associations in the third, whose corporate existence continued. 2. Under the terms of the agreement under which such merger took place, stockholders of the bank which continued its corporate existence received stock of a par value…
1Opinion of the Court
*192OPINION.
PíiiLLirs:
The sole question involved is whether any taxable gain resulted from the transaction set out in the findings. There are no differences between the parties as to the correctness of the computation of the gain, if any taxable gain resulted.
The appeal arises out of the same transaction which was involved in Appeal of R. D. Musser, 2 B. T. A. 1031. Counsel for the taxpayers contends that the Board erred in that case when it reached the conclusion that a new corporation was created. Counsel takes the position that the opinion (1) does not give weight to the provisions of the…
2Cases cited19 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Weiss v. StearnSupreme Court of the United States · 1924
- Marr v. United StatesSupreme Court of the United States · 1925
- Keokuk & Western Railroad v. MissouriSupreme Court of the United States · 1894
- Railroad Co. v. GeorgiaSupreme Court of the United States · 1879
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3Cited by3 opinions
- Manufacturers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Manufacturers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Siegel v. CommissionerUnited States Board of Tax Appeals · 1926