Wilkinson v. Commissioner
United States Tax Court
A national bank, in which petitioner was a stockholder, owned all the shares of a subsidiary which performed functions related to the bank's activities. An order of the Comptroller of the Currency made it necessary for the bank to divest itself of this stock. A plan was devised whereby the bank transferred the stock to trustees, who were to hold legal title to such stock with a beneficial interest in the stockholders of the bank.
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A national bank, in which petitioner was a stockholder, owned all the shares of a subsidiary which performed functions related to the bank's activities. An order of the Comptroller of the Currency made it necessary for the bank to divest itself of this stock. A plan was devised whereby the bank transferred the stock to trustees, who were to hold legal title to such stock with a beneficial interest in the stockholders of the bank. The stockholders received nothing to evidence their beneficial interest in this trusteed stock. The beneficial interest was locked in with the bank stock, and it…
1Opinion of the Court
Earl R. Wilkinson and Grayce Wilkinson, Petitioners, v. Commissioner of Internal Revenue, Respondent
Wilkinson v. Commissioner
Docket No. 61977
United States Tax Court
29 T.C. 421; 1957 U.S. Tax Ct. LEXIS 27;
December 6, 1957, Filed
Decision will be entered for the petitioners.
A national bank, in which petitioner was a stockholder, owned all the shares of a subsidiary which performed functions related to the bank's activities. An order of the Comptroller of the Currency made it necessary for the bank to divest itself of this stock. A plan was devised whereby the bank transferred the stock to…
2Cases cited7 opinions
- United States v. PhellisSupreme Court of the United States · 1921
- Lonsdale v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1929
- De Coppet v. HelveringCourt of Appeals for the Second Circuit · 1940
- Commissioner v. HagermanCourt of Appeals for the Third Circuit · 1939
- Coudon v. TaitDistrict Court, D. Maryland · 1932
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