Stock Yards Bank v. Commissioner
United States Board of Tax Appeals
1. What the parties actually do, i.e., the substance of an act rather than its mere form, is the controlling element in matters of income taxation. Weiss v. Stearn,265 U.S. 242. 2. Upon the record, held the petitioner's stockholders sold their stock to a competitor bank, who then took over petitioner's assets in complete liquidation of its affairs, in which liquidation petitioner realized neither a gain nor a loss.
1Opinion of the Court
THE STOCK YARDS BANK OF CINCINNATI, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Stock Yards Bank v. Commissioner
Docket No. 41085.
United States Board of Tax Appeals
25 B.T.A. 964; 1932 BTA LEXIS 1445;
March 23, 1932, Promulgated
1. What the parties actually do, i.e., the substance of an act rather than its mere form, is the controlling element in matters of income taxation. Weiss v. Stearn,265 U.S. 242.
2. Upon the record, held the petitioner's stockholders sold their stock to a competitor bank, who then took over petitioner's assets in complete liquidation of its affairs, in which…
2Cases cited4 opinions
- Weiss v. StearnSupreme Court of the United States · 1924
- Gould v. CommissionerUnited States Board of Tax Appeals · 1930
- Stock Yards Bank of Cincinnati v. CommissionerUnited States Board of Tax Appeals · 1932
- Stock Yards Bank v. CommissionerUnited States Board of Tax Appeals · 1932