Legal Opinion
Hillsboro National Bank v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided February 25, 1981No. 80-1480PublishedCited by 9 opinions
1Opinion of the Court
WISDOM, Senior Circuit Judge.
The issue on this appeal is whether the petitioner, Hillsboro National Bank, realized income under the tax benefit rule when state personal property taxes it had paid on behalf of its stockholders and deducted from its income for federal income tax purposes in 1972 were refunded directly to the stockholders in 1973. We hold that the refunds were income to the Bank, and we affirm the ruling of the Tax Court.
This case concerns the remarkable recent history of the Illinois personal property tax. Before 1971, stockholders of any incorporated bank located within…
2Cases cited8 opinions
- Lehnhausen v. Lake Shore Auto Parts Co.Supreme Court of the United States · 1973
- Alice Phelan Sullivan Corporation, a California Corporation v. The United StatesUnited States Court of Claims · 1967
- Block v. CommissionerUnited States Board of Tax Appeals · 1939
- Union Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1940
- Tennessee-Carolina Transportation, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1978
3 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Hillsboro National Bank v. CommissionerSupreme Court of the United States · 1983
- Bonaire Development Co. v. CommissionerUnited States Tax Court · 1981
- Bliss Dairy, Inc., an Arizona Corporation v. United StatesCourt of Appeals for the Ninth Circuit · 1981
- Ballou Const. Co., Inc. v. United StatesDistrict Court, D. Kansas · 1985
- Gmelin v. CommissionerUnited States Tax Court · 1988
4 more not listed; retrieve them via the Exa API.