Fidelity-Philadelphia Trust Co. v. Commissioner
United States Tax Court
The taxpayer was organized as a national bank in Pennsylvania in 1934. It took over certain assets and assumed certain liabilities of a financially embarrassed bank bearing a similar name. In 1948 the taxpayer transferred from its deposit liability account to its Undivided Profits or Surplus Account an amount representing unclaimed, dormant deposits, after it had made fruitless attempts to locate the depositors.
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The taxpayer was organized as a national bank in Pennsylvania in 1934. It took over certain assets and assumed certain liabilities of a financially embarrassed bank bearing a similar name. In 1948 the taxpayer transferred from its deposit liability account to its Undivided Profits or Surplus Account an amount representing unclaimed, dormant deposits, after it had made fruitless attempts to locate the depositors. Held, the amount so transferred represented taxable income to the taxpayer in 1948.
1Opinion of the Court
OPINION.
Raum, Judge:
The Commissioner determined a deficiency of $3,593.74 in income tax for the year 1948. The question for decision is whether $6,780.64 in unclaimed and dormant deposits in the taxpayer bank represented income when in 1948 it transferred that amount from its deposit liability account to surplus. The facts have been stipulated, and the stipulation is incorporated herein by reference as our findings.
The taxpayer, National Bank of Olney at Philadelphia,1 was incorporated as a national bank in 1934, when it acquired various assets and assumed certain liabilities of a liquidated…
2Cases cited33 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
- Anderson National Bank v. LuckettSupreme Court of the United States · 1944
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3Cited by22 opinions
- Martin Alpert and Carolyn Alpert v. United StatesCourt of Appeals for the Sixth Circuit · 2007
- Commissioner v. Indianapolis Power & Light Co.Supreme Court of the United States · 1990
- Michael Friedman v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 2000
- Bear Manufacturing Company v. United StatesCourt of Appeals for the Seventh Circuit · 1970
- Bituminous Casualty Corp. v. CommissionerUnited States Tax Court · 1971
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