Bank of Am. Trust & Sav. Ass'n v. Commissioner
United States Tax Court
Petitioner claimed a credit against its income taxes under sec. 901, I.R.C. 1954, for certain Thailand, Philippines, Republic of China (Taiwan), and City of Buenos Aires taxes imposed in respect of the banking activities of its branches.
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Petitioner claimed a credit against its income taxes under sec. 901, I.R.C. 1954, for certain Thailand, Philippines, Republic of China (Taiwan), and City of Buenos Aires taxes imposed in respect of the banking activities of its branches. Held, since such taxes were imposed on gross income without deduction for any related costs and expenses, they did not constitute "income * * * taxes" within the meaning of sec. 901(b)(1). Bank of America National T. & S. Assn. v. United States, 459 F.2d 513 (Ct. Cl. 1972), followed.
1Opinion of the Court
Tannenwald, Judge:
Respondent Ras determined the following deficiencies in petitioner’s Federal income taxes:
Tear Deficiency
1965 _$1, 202,390. 96
1966 _ 1, 245,141.15
There are two questions presented for decision:(1) Whether petitioner is collaterally estopped from arguing that the Thailand business tax, the Philippines tax on banks, and the City of Buenos Aires tax on profit-making activities are “income * * * taxes” within the meaning of section 901 (b) (1);1 and(2) Whether the Thailand business tax, the Philippines tax on banks, the City of Buenos Aires tax on profit-making activities, and…
2Cases cited17 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Jarecki v. G. D. Searle & Co.Supreme Court of the United States · 1961
- Reese v. CommissionerUnited States Tax Court · 1966
- United States v. Rhode Island Hospital Trust CompanyCourt of Appeals for the First Circuit · 1966
- Penn Mut. Indem. Co. v. CommissionerUnited States Tax Court · 1959
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3Cited by13 opinions
- Texasgulf, Inc., and Subsidiaries, as Successor in Interest to Texasgulf, Inc. And Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1999
- Phillips Petroleum Co. v. CommissionerUnited States Tax Court · 1995
- Exxon Corp. v. CommissionerUnited States Tax Court · 1999
- Texasgulf, Inc. v. CommissionerUnited States Tax Court · 1996
- Texasgulf, Inc. v. United StatesUnited States Court of Claims · 1989
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