Home Sav. & Loan Co. v. Commissioner
United States Tax Court
During the years 1947 through 1951 petitioner, an Ohio building and loan association, was exempt from Federal income taxation by reason of being a domestic building and loan association within the meaning of section 101(4) of the 1939 Code. Under the Revenue Act of 1951 petitioner became, for years subsequent to 1951, taxable as a corporation.
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During the years 1947 through 1951 petitioner, an Ohio building and loan association, was exempt from Federal income taxation by reason of being a domestic building and loan association within the meaning of section 101(4) of the 1939 Code. Under the Revenue Act of 1951 petitioner became, for years subsequent to 1951, taxable as a corporation. In 1956 petitioner received a rebate of Ohio State property taxes paid by it in and for the years 1947 through 1951. Held: Because of its exemption during the years 1947 through 1951 petitioner realized no economic gain nor tax benefit from the payment…
1Opinion of the Court
OPINION,
Dawson, Judge:
Respondent determined a deficiency in petitioner’s income tax for the year 1956 in the amount of $30,739.79. Petitioner’s return for 1956, made on the cash basis and for a calendar year period, was filed with the district director of internal revenue, Cleveland, Ohio. The facts, completely stipulated by the parties, are not in dispute, and as stipulated are adopted as our findings of fact.
One principle threads its way through the whole fabric of this case. That principle, first enunciated by the courts, and later partially embodied in statute, is the so-called “tax…
2Cases cited5 opinions
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Society for Sav. in Cleveland v. BowersSupreme Court of the United States · 1955
- Birmingham Terminal Co. v. CommissionerUnited States Tax Court · 1951
- Perry v. United StatesUnited States Court of Claims · 1958
- Corporation of America v. CommissionerUnited States Tax Court · 1945
3Cited by5 opinions
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
- Chronister v. CommissionerUnited States Tax Court · 1973
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
- Home Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1962
- Nadler v. CommissionerUnited States Tax Court · 1988