Midwest Sav. Asso. v. Commissioner
United States Tax Court
A building and loan association paid or credited a bonus distribution to depositors or to the accounts of depositors on Sept. 30, 1972. At the close of business on Sept. 30, 1972, pursuant to a previously adopted agreement, the building and loan association merged into another building and loan association. Held, the bonus distribution is deductible as a dividend under sec. 591, I.R.C. 1954.
1Opinion of the Court
OPINION
Ekman, Judge:*
Respondent determined deficiencies in petitioner’s Federal income taxes for the taxable years ending December 31, 1969, December 31, 1970, December 31, 1971, the taxable period January 1 through September 30, 1972,1 and the taxable year ending December 31,1973,2 as follows:
Year Deficiency
1969 ' $2,608.72
1970 3,177.67
1971 3,844.35
Jan. 1 through Sept. 30, 1972 2,336.79
1973 21,022.46
Concessions having been made by petitioner, the sole issue remaining for decision is whether a distribution to depositor shareholders by a domestic building and loan association may be deducted…
2Cases cited13 opinions
- Waterman Steamship Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- Verito v. CommissionerUnited States Tax Court · 1965
- Steel Improv. & Forge Co. v. CommissionerUnited States Tax Court · 1961
- International Trading Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- The Steel Improvement and Forge Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
8 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Monson v. CommissionerUnited States Tax Court · 1982
- Midwest Sav. Asso. v. CommissionerUnited States Tax Court · 1980
- Monson v. CommissionerUnited States Tax Court · 1982