Legal Opinion
United States v. Northern Trust Company, as Trustee of the Caterpillar Incorporated Master Trust and the Inland Steel Industries Pension Trust
Court of Appeals for the Seventh Circuit
Decided June 22, 2004No. 04-1148, 04-1150PublishedCited by 140 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Closed-end mutual funds pay federal income tax on income and capital gains, then notify their investors, to which the tax burden passes through. A shareholder that is tax exempt (such as a pension trust or a university endowment) can claim a refund of the taxes that the mutual fund paid on account of its proportionate investment. Taxable investors get income coupled with a credit for tax the mutual fund has paid. Two pension trusts (for employees of Inland Steel and Caterpillar) were shareholders of record in Quest for Value Dual Purpose Fund, a closed-end mutual…
2Cases cited10 opinions
- Swierkiewicz v. Sorema N. A.Supreme Court of the United States · 2002
- Gomez v. ToledoSupreme Court of the United States · 1980
- Pullman-Standard v. SwintSupreme Court of the United States · 1982
- National Collegiate Athletic Ass'n v. Board of Regents of the University of OklahomaSupreme Court of the United States · 1984
- Emil J. Bartholet v. Reishauer A.G. (Zurich) and Reishauer Corporation (Elgin)Court of Appeals for the Seventh Circuit · 1992
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3Cited by140 opinions
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- Chicago Building Design, P.C. v. Mongolian House, Inc.Court of Appeals for the Seventh Circuit · 2014
- Xechem, Inc., and Xechem International, Inc. v. Bristol-Myers Squibb CompanyCourt of Appeals for the Seventh Circuit · 2004
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