Central Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. A reply under Rule 15 is solely for the purpose of admitting or denying facts or of setting forth facts upon which the petitioner relies as a defense against the affirmative contentions made by the respondent; and it can not be used to raise new issues in which the petitioner seeks affirmative relief. 2. A national bank acquired part of the assets of a state bank, for cash and the assumption of part of the liabilities.
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1. A reply under Rule 15 is solely for the purpose of admitting or denying facts or of setting forth facts upon which the petitioner relies as a defense against the affirmative contentions made by the respondent; and it can not be used to raise new issues in which the petitioner seeks affirmative relief. 2. A national bank acquired part of the assets of a state bank, for cash and the assumption of part of the liabilities. The state bank discontinued business and withdrew from the state depositors' guaranty fund, which gave it the right to a refund based on its contributions, and part of this…
1Dissent
Lansdon,
dissenting in part: I am unable to agree with the majority report on the question of whether the banks involved were entitled to make a consolidated return for the year 1925. The record discloses that the old bank was merged into the two new banks on March 6, 1925, but that its corporate existence was continued for certain limited purposes until June 23 of that year. It is certain, therefore, that for at least a part of the year all three banks were affiliated, since the same stockholders owned all the stock of two of them in the same proportion and the two new banks owned all the…
2Cases cited4 opinions
- Bankers' Trust Co. v. BowersCourt of Appeals for the Second Circuit · 1923
- H. S. Crocker Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Automatic Fire Alarm Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Grand Rapids Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1928