Central Hanover Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
Members of the New York Stock Exchange are required by its constitution to pay $15 to the trustees of the gratuity fund of the exchange upon being admitted to membership, and to make a voluntary gift of the same amount upon the death of any member of the exchange.
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Members of the New York Stock Exchange are required by its constitution to pay $15 to the trustees of the gratuity fund of the exchange upon being admitted to membership, and to make a voluntary gift of the same amount upon the death of any member of the exchange. Upon proof of death of any member, the exchange is pledged to pay, out of the moneys so collected, the sum of $20,000 to certain beneficiaries designated in the constitution, and members have no right to make any other designation. Failure to continue as a member until death results in the termination of all rights in the fund.…
1Opinion of the Court
CENTRAL HANOVER BANK AND TRUST COMPANY, AS EXECUTOR OF THE ESTATE OF EDWARD L. NORTON, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Central Hanover Bank & Trust Co. v. Commissioner
Docket No. 88451.
United States Board of Tax Appeals
40 B.T.A. 268; 1939 BTA LEXIS 869;
July 25, 1939, Promulgated
Members of the New York Stock Exchange are required by its constitution to pay $15 to the trustees of the gratuity fund of the exchange upon being admitted to membership, and to make a voluntary gift of the same amount upon the death of any member of the exchange. Upon proof of…
2Cases cited33 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Lyeth v. HoeySupreme Court of the United States · 1938
- Liverpool & Great Western Steam Co. v. Phenix InsuranceSupreme Court of the United States · 1889
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Tyler v. United StatesSupreme Court of the United States · 1930
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