Austin State Bank v. Commissioner
United States Tax Court
1. Petitioner was chartered as a bank under the laws of the State of Indiana and subject to supervision by a State agency. Petitioner made a small number of loans. Petitioner received deposits from the State and local governments, its employees and other parties related to petitioner's management, and unrelated sources. The deposits from related sources never exceeded 35 percent of the total deposits held by the bank.
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1. Petitioner was chartered as a bank under the laws of the State of Indiana and subject to supervision by a State agency. Petitioner made a small number of loans. Petitioner received deposits from the State and local governments, its employees and other parties related to petitioner's management, and unrelated sources. The deposits from related sources never exceeded 35 percent of the total deposits held by the bank. Petitioner had two full-time employees, was open for business six days a week, and offered banking services to the public. Held, petitioner was a bank under the definition…
1Opinion of the Court
Austin State Bank, Petitioner v. Commissioner of Internal Revenue, Respondent
Austin State Bank v. Commissioner
Docket Nos. 755-69, 2387-69
United States Tax Court
57 T.C. 180; 1971 U.S. Tax Ct. LEXIS 31;
November 2, 1971, Filed
Decisions will be entered under Rule 50.
1. Petitioner was chartered as a bank under the laws of the State of Indiana and subject to supervision by a State agency. Petitioner made a small number of loans. Petitioner received deposits from the State and local governments, its employees and other parties related to petitioner's management, and unrelated sources. The deposits…
2Cases cited6 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Helvering v. New Haven & S. L. R.Court of Appeals for the Second Circuit · 1941
- Staunton Industrial L. Corp. v. Commissioner of Int. Rev.Court of Appeals for the Fourth Circuit · 1941
- Magruder v. Safe Deposit & Trust Co.Court of Appeals for the Fourth Circuit · 1941
- Mutual Sav. & Loan Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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