Perpetual Bldg. & Loan Asso. v. Commissioner
United States Tax Court
1. Petitioner, incorporated as a building and loan association under the laws of the State of South Carolina, was advised of exemption from Federal income taxes under section 101(4) of the 1939 Code by revenue ruling letter issued in 1946. Thereafter, for each of the years 1946 to 1951, inclusive, petitioner filed information returns (Form 990) with the collector of internal revenue.
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1. Petitioner, incorporated as a building and loan association under the laws of the State of South Carolina, was advised of exemption from Federal income taxes under section 101(4) of the 1939 Code by revenue ruling letter issued in 1946. Thereafter, for each of the years 1946 to 1951, inclusive, petitioner filed information returns (Form 990) with the collector of internal revenue. During said years petitioner acquired considerable real estate, much of which came from members of the Cooper family (who dominated and for practical purposes controlled petitioner), or from corporations which…
1Opinion of the Court
Perpetual Building and Loan Association of Columbia, Petitioner, v. Commissioner of Internal Revenue, Respondent
Perpetual Bldg. & Loan Asso. v. Commissioner
Docket No. 64575
United States Tax Court
34 T.C. 694; 1960 U.S. Tax Ct. LEXIS 106;
July 15, 1960, Filed
Decision will be entered under Rule 50.
1. Petitioner, incorporated as a building and loan association under the laws of the State of South Carolina, was advised of exemption from Federal income taxes under section 101(4) of the 1939 Code by revenue ruling letter issued in 1946. Thereafter, for each of the years 1946 to 1951, inclusive,…
2Cases cited25 opinions
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Louisville Gas & Electric Co. v. ColemanSupreme Court of the United States · 1928
- National Home Building & Loan Ass'n v. Home Savings BankIllinois Supreme Court · 1899
- Hopkins Federal Savings & Loan Ass'n v. ClearySupreme Court of the United States · 1935
- Robert A. Henningsen, and Cross and R.A. And Margaret Henningsen v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1957
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