Midwest Sav. Asso. v. Commissioner
United States Tax Court
A building and loan association paid or credited a bonus distribution to depositors or to the accounts of depositors on Sept. 30, 1972. At the close of business on Sept. 30, 1972, pursuant to a previously adopted agreement, the building and loan association merged into another building and loan association. Held, the bonus distribution is deductible as a dividend under sec. 591, I.R.C. 1954.
1Opinion of the Court
Midwest Savings Association, Petitioner v. Commissioner of Internal Revenue, Respondent
Midwest Sav. Asso. v. Commissioner
Docket No. 7918-78
United States Tax Court
75 T.C. 262; 1980 U.S. Tax Ct. LEXIS 29;
November 13, 1980, Filed
Decision will be entered under Rule 155.
A building and loan association paid or credited a bonus distribution to depositors or to the accounts of depositors on Sept. 30, 1972. At the close of business on Sept. 30, 1972, pursuant to a previously adopted agreement, the building and loan association merged into another building and loan association. Held, the bonus…
2Cases cited14 opinions
- Waterman Steamship Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- Verito v. CommissionerUnited States Tax Court · 1965
- Steel Improv. & Forge Co. v. CommissionerUnited States Tax Court · 1961
- International Trading Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- The Steel Improvement and Forge Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
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