Jackson Finance & Thrift Co. v. Commissioner
United States Tax Court
Held, amounts received by petitioners represented by thrift certificates issued to customers do not qualify as borrowed capital within the purview of section 439 (b) (1), I. R. C. 1939.
1Opinion of the Court
OPINION.
LeMire, Judge:
The only question presented for decision is whether the petitioners are entitled to include in their borrowed invested capital for the purposes of determining excess profits tax credit, the amomit of thrift certificates issued to customers.
The respondent has determined that the amounts received by petitioners represented by thrift certificates do not qualify as borrowed capital under section 439 of the Internal Revenue Code of 1939.2 It is incumbent upon petitioners to demonstrate the existence of an outstanding indebtedness evidenced by one of the types of instruments…
2Cases cited9 opinions
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- Journal Publishing Co. v. CommissionerUnited States Tax Court · 1944
- Economy Savings & Loan Co. v. Commissioner of Int. Rev.Court of Appeals for the Sixth Circuit · 1946
- Commissioner of Internal Revenue v. Ames Trust & Sav. BankCourt of Appeals for the Eighth Circuit · 1950
- Capital Nat'l Bank v. CommissionerUnited States Tax Court · 1951
4 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- United States v. City Loan and Savings CompanyCourt of Appeals for the Sixth Circuit · 1961
- Valley Morris Plan v. CommissionerUnited States Tax Court · 1959
- MoneyGram International, Inc. v. CommissionerUnited States Tax Court · 2015
- Morris Plan Co. v. CommissionerUnited States Tax Court · 1960
- Morris Plan Co. of California v. CommissionerUnited States Tax Court · 1960
5 more not listed; retrieve them via the Exa API.