Savings Feature of Relief Dep't v. Commissioner
United States Board of Tax Appeals
1. The petitioner was created and operated to receive deposits of the savings of employees of the Railroad and to invest them in securities and in loans made exclusively to employees entitled to the benefits of the relief department of the Railroad on the security of first mortgages on real estate. The assets and funds were held and administered separately from those of the Railroad, and the entire earnings were paid to the depositors or held for their benefit.
Read the full summary
1. The petitioner was created and operated to receive deposits of the savings of employees of the Railroad and to invest them in securities and in loans made exclusively to employees entitled to the benefits of the relief department of the Railroad on the security of first mortgages on real estate. The assets and funds were held and administered separately from those of the Railroad, and the entire earnings were paid to the depositors or held for their benefit. The petitioner operated in several states. It had no capital stock represented by shares; was not chartered or organized under any…
1Opinion of the Court
*301OPINION.
Murdock:
The petitioner makes but one contention before the Board. That contention is that it is exempt from tax. No other issue or question will be decided. The Commissioner has determined that the petitioner is an association within the meaning of that term as used in the statutory definition of the word “ corporation.” See section 1 of the 1918 Act, section 2 (a) (2) of the 1924 and 1926 Acts, and section 701 (a) (2) of the 1928 Act. He cites in this connection A-C Investment Association, 24 B.T.A. 582 (reversed by the Court of Appeals of the District of Columbia, 68 Fed. (2d) 386,…
2Cases cited5 opinions
- Trinidad v. Sagrada Orden De Predicadores De La Provincia Del Santisimo Rosario De FilipinasSupreme Court of the United States · 1924
- Weer v. PageCourt of Appeals of Maryland · 1928
- State v. ScougalSouth Dakota Supreme Court · 1892
- A--C Inv. Asso. v. CommissionerUnited States Board of Tax Appeals · 1931
- Vaughan v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by4 opinions
- Knights of Pythias Hall Co. v. United StatesDistrict Court, D. Delaware · 1972
- Green v. CommissionerUnited States Tax Court · 1984
- Green v. CommissionerUnited States Tax Court · 1984
- Savings Feature of Relief Dep't v. CommissionerUnited States Board of Tax Appeals · 1935