National Bank of Commerce v. Commissioner
United States Tax Court
Excess Profits Credit -- Purchasing Corporation. -- The petitioner, in 1948 and early 1950, purchased substantially all the properties of 4 State banks, the principal part of the consideration for which was the assumption by the petitioner of the deposit liabilities of the State banks, but in three instances part of the consideration was the payment of cash by the petitioner.
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Excess Profits Credit -- Purchasing Corporation. -- The petitioner, in 1948 and early 1950, purchased substantially all the properties of 4 State banks, the principal part of the consideration for which was the assumption by the petitioner of the deposit liabilities of the State banks, but in three instances part of the consideration was the payment of cash by the petitioner. Held, that the petitioner, for purposes of computing its excess profits credit based on income for the year 1950, is entitled, under section 474, I. R. C. 1939, to compute its average base period net income by taking…
1Opinion of the Court
OPINION.
Atkins, Judge:
The respondent determined a deficiency in the petitioner’s income tax for the calendar year 1950 in the amount of $12,581.13, of which amount $3,506.90 is in dispute. The question presented is whether, in computing the petitioner’s excess profits credit based on income, the income experience of 4 banks whose assets were acquired by the petitioner in 1948 and early 1950 should be taken into account. The facts were stipulated and are incorporated herein by this reference.
The petitioner is a corporation, organized under and existing by virtue of the laws of the United…
2Cited by3 opinions
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- National Bank of Commerce v. CommissionerUnited States Tax Court · 1957