Republic Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Held, a certificate of the Banking Commissioner of Texas to the effect that "its known financial condition is that assets sufficient to pay its depositors in full do not exist when and if this bank is required to pay any Federal taxes" is not admissible in evidence to prove the facts therein stated, when objected to by respondent. 2. During the taxable year petitioner received back from the Comptroller of the Currency bonds in the amount of $21,600, which had theretofore…
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1. Held, a certificate of the Banking Commissioner of Texas to the effect that "its known financial condition is that assets sufficient to pay its depositors in full do not exist when and if this bank is required to pay any Federal taxes" is not admissible in evidence to prove the facts therein stated, when objected to by respondent. 2. During the taxable year petitioner received back from the Comptroller of the Currency bonds in the amount of $21,600, which had theretofore been deposited by petitioner with the Comptroller to secure payment of certain unproven claims of depositors. Upon…
1Opinion of the Court
*684OPINION.
Hill:
The sole issue presented by the original pleadings is whether petitioner realized during the taxable year income in the amount of $20,000 upon unproven claims. However, at the first hearing at Houston, Texas, in May 1935, petitioner moved for leave to file an amended petition to raise the additional issue of the applicability of the Act of March 1, 1879, section 22, 12 U.S.C.A. 570, copied in the margin.1 At the same hearing, petitioner offered in evidence a certificate of the Banking Commissioner of Texas, dated April 27, 1935, to which respondent objected, reading in material…
2Cases cited1 opinion
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
3Cited by6 opinions
- Estate of Arthur Chase Shafer, Deceased, Chase Shafer, Co-Executor, and Resor Shafer, Co-Executor v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1984
- Estate of Shafer v. CommissionerUnited States Tax Court · 1983
- Alpena Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1941
- Estate of Shafer v. CommissionerUnited States Tax Court · 1983
- Republic Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1937
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