First Nat'l State Bank v. Commissioner
United States Tax Court
Petitioner, a national bank, entered into an agreement with another banking institution (Federal) subject to the approval of the Comptroller of the Currency of the U.S. Treasury Department, to acquire all the stock of Federal and promptly liquidated Federal taking over all its assets and assuming its liabilities.
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Petitioner, a national bank, entered into an agreement with another banking institution (Federal) subject to the approval of the Comptroller of the Currency of the U.S. Treasury Department, to acquire all the stock of Federal and promptly liquidated Federal taking over all its assets and assuming its liabilities. On Oct. 10, 1958, upon receipt of approval of the Comptroller of the Currency, petitioner acquired all of Federal's stock and on the same day completed the liquidation of Federal and its merger into petitioner. Respondent determined that for its final taxable period ending Oct. 10,…
1Opinion of the Court
OPINION
Scott, Judge:
Bespondent determined deficiencies in petitioner’s income tax for the calendar years 1958 and 1959 in the amounts of $96,180.29 and $46,967.49, respectively.
The issue for decision is the proper basis to petitioner under the provisions of section 334(h) (2), I.R.C. 1954,1 of assets received by it upon liquidation of a subsidiary.
All of the facts have been stipulated and are found accordingly.
Petitioner, formerly National State Bank of Newark, N.J., is a national bank duly organized and existing under the laws of the United States. Its principal office at the date of the…
2Cases cited7 opinions
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
- West Seattle National Bank of Seattle v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1961
- West Seattle Nat'l Bank v. CommissionerUnited States Tax Court · 1959
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