Exchange State Bank v. Commissioner
United States Tax Court
Losses resulting from the liquidation of segregated assets in a depositors' trust fund, held, not deductible against the taxable income of the bank from other sources, where the cost basis of the segregated assets had been returned to the bank in prior years through deductions claimed and allowed in its returns or in claims for refund.
1Opinion of the Court
Exchange State Bank, Petitioner, v. Commissioner of Internal Revenue, Respondent
Exchange State Bank v. Commissioner
Docket No. 7742
United States Tax Court
8 T.C. 721; 1947 U.S. Tax Ct. LEXIS 243;
March 31, 1947, Promulgated
Decision will be entered for the respondent.
Losses resulting from the liquidation of segregated assets in a depositors' trust fund, held, not deductible against the taxable income of the bank from other sources, where the cost basis of the segregated assets had been returned to the bank in prior years through deductions claimed and allowed in its returns or in claims for…
2Cases cited4 opinions
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Virginian Hotel Corporation v. Helvering, Commissioner of Internal RevenueSupreme Court of the United States · 1943
- Bank of Newberry v. CommissionerUnited States Tax Court · 1942
- Exchange State Bank v. CommissionerUnited States Tax Court · 1947