Johnstown Bldg. & Loan Ass'n. v. Commissioner
United States Board of Tax Appeals
BUILDING AND LOAN ASSOCIATION. - A corporation organized under state building and loan association laws, which has so far departed from the practices of such associations that by far the larger portion of its business is transacted with nonmembers, held to have forfeited its exemption from income taxes under section 231(4) of the Revenue Acts of 1918 and 1921, and to be subject to taxes imposed by sections 230 and 301 of said Acts.
1Opinion of the Court
*466OPINION.
TRussell:
Section 231 of the Revenue Act of 1918 provides that certain corporate organizations shall be exempt from the corporation income tax imposed by that Act, and subdivision (4) of that section is in the following language:
Domestic building- and loan associations and cooperative banks without capital stock organized and operated for mutual purposes and without profit.
The same section and subdivision of the Revenue Act of 1921 contains a like exemption in the following language:
Domestic building and loan associations substantially all the business of which is confined to making…
2Cases cited6 opinions
- Lilley Building & Loan Co. v. MillerDistrict Court, S.D. Ohio · 1922
- Acklin v. People's Sav. Ass'nDistrict Court, N.D. Ohio · 1923
- Central Building, Loan & Savings Co. v. BowlandDistrict Court, S.D. Ohio · 1914
- Herold v. Park View Building & Loan Ass'nCourt of Appeals for the Third Circuit · 1914
- Parkview Building & Loan Ass'n v. HeroldDistrict Court, D. New Jersey · 1913
1 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Perpetual Bldg. & Loan Asso. v. CommissionerUnited States Tax Court · 1960
- Home Bldg. & Sav. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Johnstown Bldg. & Loan Ass'n. v. CommissionerUnited States Board of Tax Appeals · 1927
- Perpetual Bldg. & Loan Asso. v. CommissionerUnited States Tax Court · 1960