Legal Opinion
United States v. General Bancshares Corporation, General Bancshares Corporation v. United States
Court of Appeals for the Eighth Circuit
Decided January 2, 1968No. 18757_1PublishedCited by 24 opinions
1Opinion of the Court
GIBSON, Circuit Judge.
This appeal and cross appeal concern questions of deductibility for federal income tax purposes of expenses incurred in carrying out a plan of divestment of non-banking assets intended to bring the taxpayer, General Bancshares Corporation, formerly General Contract Corporation, in compliance with the Bank Holding Act of 1956, 12 U.S.C. §§ 1841-1848; and the complementary income tax sections 26 U.S.C. §§ 1101-1103.
The District Court, 1 Chief Judge Harper, held that $15,318 of the $18,295 involved was deductible as an ordinary and necessary business expense and that $2,977…
2Cases cited25 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- M'culloch v. State of MarylandSupreme Court of the United States · 1819
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Commissioner v. TellierSupreme Court of the United States · 1966
20 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- United States v. Transamerica Corporation, Transamerica Corporation v. United StatesCourt of Appeals for the Ninth Circuit · 1968
- Quality Brands, Inc. v. CommissionerUnited States Tax Court · 1976
- National Starch & Chemical Corp. v. CommissionerUnited States Tax Court · 1989
- The El Paso Company, and El Paso Natural Gas Company v. The United StatesCourt of Appeals for the Federal Circuit · 1982
- Estate of Richard Baier v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1976
19 more not listed; retrieve them via the Exa API.