Oulton v. Savings Institution
Supreme Court of the United States
Error to the Circuit Court for the District of California. The German Savings and Loan Society, at San Francisco, California, brought a suit in the court below against Oulton, collector of internal revenue, to recover back a tax of 3Ltk of 1 per cent, per month, for moneys deposited in the savings bank during the month of August, 1870. The casé was thus: The 79th section of the act of June 30th, 1864,* as amended by an act of July 13th, 1866,† enacts: “ That every…
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Error to the Circuit Court for the District of California. The German Savings and Loan Society, at San Francisco, California, brought a suit in the court below against Oulton, collector of internal revenue, to recover back a tax of 3Ltk of 1 per cent, per month, for moneys deposited in the savings bank during the month of August, 1870. The casé was thus: The 79th section of the act of June 30th, 1864,* as amended by an act of July 13th, 1866,† enacts: “ That every incorporated or other bank, and every company having a place of’business whei'e credits are opened by the deposit ... of money or…
1Opinion of the CourtJustice Clifford
Associations engaged in moneyed transactions, whether incorporated or not, having a place of business where credits are opened by the deposit or collection of money or currency; subject to be paid or remitted upon draft, check, or. order; or where money is advanced or loaned on stocks, bonds, bullion, bills of exchange, or promissory notes; or where stock, bonds, bullion, bills of exchange, or promissory notes are received for discount or for sale, are regarded as banks, subject to taxation, under the internal revenue laws which were in operation when the taxes in controversy in the present…
2Cited by52 opinions
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- Gamble v. DanielCourt of Appeals for the Eighth Circuit · 1930
- In Re Prudence Co.Court of Appeals for the Second Circuit · 1935
- Farmers & Merchants State Bank v. Consolidated School District No. 3Supreme Court of Minnesota · 1928
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