Wayne County & Home Savings Bank v. Commissioner

*762OPINION.

Aeundell:

Under the provisions of the revenue act the petitioner is entitled to deduct from its gross income taxes imposed upon the stock of its shareholders which are paid by it without reimbursement from its stockholders. Sec. 284 (a) (8), Eevenue Act of 1926.

The laws of Michigan provide for the assessment of personal taxes on shares of bank stock “ to their owners ” in the township, village *763or city where the bank is located, “ Provided, that the shares owned by a person residing in the county where the bank or trust, deposit or security company is located shall be assessed in the…