Fidelity Nat'l Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
Two national banks were consolidated or merged under the amended charter of one of them and certain of their "excess" assets which were not taken over by the new bank were transferred to trustees for liquidation. The income of the trust was to be distributable annually or oftener and capital distributions were to be made at the discretion of the trustees.
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Two national banks were consolidated or merged under the amended charter of one of them and certain of their "excess" assets which were not taken over by the new bank were transferred to trustees for liquidation. The income of the trust was to be distributable annually or oftener and capital distributions were to be made at the discretion of the trustees. Held, that the trust so created was liquidating trust and not an association taxable as a corporation; held, further, that the income of the trust was distributable annually and was therefore deductible by the trust and taxable to the…
1Opinion of the Court
*476OPINION.
Smith :
The above facts are all of those essential to the general or preliminary issue raised. In view of our ruling on this issue, as discussed below, that none of the petitioners in these proceedings is liable for any of the tax deficiencies herein asserted, it is not necessary to state the facts pertaining to the issues on the merits.
Questions relating to the income tax liabilities of the various participants in transactions of the same general character as those here involved have been considered by the Board and by the courts in a number of cases. In William E. Fulton, 15 B. T. A.…
2Cases cited5 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Hecht v. MalleySupreme Court of the United States · 1924
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
- Hecht v. MalleySupreme Court of the United States · 1924
- Crocker v. MalleySupreme Court of the United States · 1919
3Cited by3 opinions
- Fidelity Nat'l Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Merchants Nat'l Bldg. Corp. v. CommissionerUnited States Board of Tax Appeals · 1941
- Mortgage Trust Certificate Pool v. CommissionerUnited States Board of Tax Appeals · 1940