Legal Opinion
Commissioner of Internal Revenue v. Mary Archer W. Morris Trust, North Carolina National Bank, Trustee
Court of Appeals for the Fourth Circuit
Decided October 5, 1966No. 9837PublishedCited by 19 opinions
1Opinion of the Court
HAYNSWORTH, Chief Judge.
Its nubility impaired by the existence of an insurance department it had operated for many years, a state bank divested itself of that business before merging with a national bank. The divestiture was in the form of a traditional “spin-off,” but, because it was a preliminary step to the merger of the banks, the Commissioner treated their receipt of stock of the insurance company as ordinary income to the stockholders of the state bank. We agree with the Tax Court, 1 that gain to the stockholders of the state bank was not recognizable under § 355 of the 1954 Code. 2
In…
2Cases cited8 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. Elkhorn Coal Co.Court of Appeals for the Fourth Circuit · 1938
- Electrical Securities Corp. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1937
- Lynn B. Curtis and Ruth P. Curtis v. The United StatesCourt of Appeals for the Sixth Circuit · 1964
- Fidelity-Baltimore National Bank, a Body Corporate v. United StatesCourt of Appeals for the Fourth Circuit · 1964
3 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- United States National Bank v. Independent Insurance Agents of America, Inc.Supreme Court of the United States · 1993
- Commissioner v. First Security Bank of Utah, N. A.Supreme Court of the United States · 1972
- Independent Insurance Agents of America, Inc. v. HawkeCourt of Appeals for the D.C. Circuit · 2000
- First National Bank of Lamarque v. James E. Smith, Comptroller of the Currency, State Insurance Board of the State of TexasCourt of Appeals for the First Circuit · 1980
- Saxon v. Georgia Ass'n of Independent Insurance Agents, Inc.Court of Appeals for the Fifth Circuit · 1968
14 more not listed; retrieve them via the Exa API.