First Nat'l State Bank v. Commissioner
United States Tax Court
Petitioner, a national bank, entered into an agreement with another banking institution (Federal) subject to the approval of the Comptroller of the Currency of the U.S. Treasury Department, to acquire all the stock of Federal and promptly liquidated Federal taking over all its assets and assuming its liabilities.
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Petitioner, a national bank, entered into an agreement with another banking institution (Federal) subject to the approval of the Comptroller of the Currency of the U.S. Treasury Department, to acquire all the stock of Federal and promptly liquidated Federal taking over all its assets and assuming its liabilities. On Oct. 10, 1958, upon receipt of approval of the Comptroller of the Currency, petitioner acquired all of Federal's stock and on the same day completed the liquidation of Federal and its merger into petitioner. Respondent determined that for its final taxable period ending Oct. 10,…
1Opinion of the Court
First National State Bank of New Jersey (formerly National State Bank of Newark, N.J.), Petitioner v. Commissioner of Internal Revenue, Respondent
First Nat'l State Bank v. Commissioner
Docket No. 3495-66
United States Tax Court
51 T.C. 419; 1968 U.S. Tax Ct. LEXIS 11;
December 18, 1968, Filed
Decision will be entered for petitioner.
Petitioner, a national bank, entered into an agreement with another banking institution (Federal) subject to the approval of the Comptroller of the Currency of the U.S. Treasury Department, to acquire all the stock of Federal and promptly liquidated Federal taking over…
2Cases cited8 opinions
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
- West Seattle National Bank of Seattle v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1961
- West Seattle Nat'l Bank v. CommissionerUnited States Tax Court · 1959
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