Investment Trust of Mut. Inv. Co. v. Commissioner
United States Board of Tax Appeals
The petitioner holds the legal title to securities belonging to many beneficiaries. At the behest of a "managing company" it makes purchases and sales of securities. The income and profits are distributed to the beneficiaries upon the order of the managing company. Held, that the petitioner is an association within the contemplation of the Revenue Act of 1928.
1Opinion of the Court
*1326OPINION.
Smith :
The question presented by this proceeding is, first, whether the petitioner is an association taxable as a corporation under the provisions of the Revenue Act of 1928; and, second, if so, whether the operations of the Mutual Investment Company, the managing company, should be consolidated with it for the purpose of computing taxable net income.
*1327Section 701 of the Revenue Act of 1928 provides in part as follows:(a) When used, in this Act—
*******(2) The term “ corporation ” includes associations, joint-stock companies, and insurance companies.
Articles 1312 and 1314 of Regulations…
2Cases cited3 opinions
- Hecht v. MalleySupreme Court of the United States · 1924
- Brooks-Scanlon Corp. v. United StatesSupreme Court of the United States · 1924
- Industrial Engineering Co. v. United StatesSupreme Court of the United States · 1927
3Cited by11 opinions
- Smith v. CommissionerUnited States Tax Court · 1959
- Continental Bank & Trust Co. v. United StatesDistrict Court, S.D. New York · 1937
- Brooklyn Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1936
- Dolese & Shepherd Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Swanson v. CommissionerUnited States Board of Tax Appeals · 1934
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