Participation Holding Co. v. Commissioner
United States Tax Court
The petitioner, the wholly owned subsidiary of Fulton, a corporation organized by an insolvent bank to liquidate its slow assets, received certain assets of the bank and issued debentures against them to the holders of the bank's certificates, formerly secured by such assets. Any residue in petitioner's hands above payment of its debentures was payable to Fulton. Fulton's assets, including any such residue, were subject to payment of the bank's depositors.
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The petitioner, the wholly owned subsidiary of Fulton, a corporation organized by an insolvent bank to liquidate its slow assets, received certain assets of the bank and issued debentures against them to the holders of the bank's certificates, formerly secured by such assets. Any residue in petitioner's hands above payment of its debentures was payable to Fulton. Fulton's assets, including any such residue, were subject to payment of the bank's depositors. No residue in petitioner's hands is shown. Held, no error in denial of immunity from collection of tax under section 818, Revenue Act of…
1Opinion of the Court
The Participation Holding Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Participation Holding Co. v. Commissioner
Docket No. 110245
United States Tax Court
1 T.C. 852; 1943 U.S. Tax Ct. LEXIS 200;
March 30, 1943, Promulgated
Decision will be entered for the respondent.
The petitioner, the wholly owned subsidiary of Fulton, a corporation organized by an insolvent bank to liquidate its slow assets, received certain assets of the bank and issued debentures against them to the holders of the bank's certificates, formerly secured by such assets. Any residue in petitioner's hands…
2Cases cited3 opinions
- Humes v. United StatesSupreme Court of the United States · 1928
- Cornell v. CoyneSupreme Court of the United States · 1904
- Participation Holding Co. v. CommissionerUnited States Tax Court · 1943