Legal Opinion
First Trust and Savings Bank of Taylorville, an Illinois Corporation v. United States
Court of Appeals for the First Circuit
Decided February 13, 1980No. 79-1653PublishedCited by 14 opinions
1Opinion of the Court
CUDAHY, Circuit Judge.
The issue on this appeal is whether appellant bank realized income under the tax benefit rule when personal property taxes it had paid on behalf of its shareholders and deducted from its income for federal income tax purposes in 1972 were subsequently refunded in 1973. The district court held, on facts stipulated by the parties, that the refunded taxes were income. We affirm.
Plaintiff-appellant, First Trust and Savings Bank of Taylorville (the “Bank”), is a banking corporation doing business in Taylorville, Illinois. The Bank reports income and expenses on the accrual…
2Cases cited19 opinions
- Lehnhausen v. Lake Shore Auto Parts Co.Supreme Court of the United States · 1973
- Rothensies v. Electric Storage Battery Co.Supreme Court of the United States · 1946
- Putoma Corp., Successor by Merger of Pro-Mac Company, Petitioners- Cross-Appellants v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1979
- Alice Phelan Sullivan Corporation, a California Corporation v. The United StatesUnited States Court of Claims · 1967
- West Seattle National Bank of Seattle v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1961
14 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Hillsboro National Bank v. CommissionerSupreme Court of the United States · 1983
- Allen P. Unvert and Catherine R. Unvert v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1981
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
- Bliss Dairy, Inc., an Arizona Corporation v. United StatesCourt of Appeals for the Ninth Circuit · 1981
- Hillsboro National Bank v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1981
9 more not listed; retrieve them via the Exa API.