Valuation Service Co. v. Commissioner
United States Board of Tax Appeals
Petitioner's sole indirect stockholder being an insolvent bank the real estate holdings of which were carried in petitioner's name, and liquidation of petitioner's assets under supervision of the state superintendent of banks being for the benefit of the bank's depositors, held, petitioner is exempt from tax to the same extent as the bank. Act of Congress of March 1, 1879, sec. 22 (20 Stat. 351); Revenue Act of 1938, sec. 818.
1Opinion of the Court
*813OPINION.
Opper : As this controversy is presented the difference between the parties narrows to the single question whether for purposes of section 22 of the Act of March 1,1879,1 petitioner’s separate corporate identity should be disregarded in favor of the view that it and its remote sole stockholder, an insolvent bank, are to be treated as a unit. To state petitioner’s position in its own words, it is that “since the assertion of an income tax against The Valuation Service Company would dimin*814ish the assets necessary for the full payment of all depositors of The Guardian Trust Company, the…
2Cases cited4 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- Southern Pacific Co. v. LoweSupreme Court of the United States · 1918
- United States v. Milwaukee Refrigerator Transit Co.U.S. Circuit Court for the District of Eastern Wisconsin · 1905
3Cited by4 opinions
- United States v. Burrows Bros.Court of Appeals for the Sixth Circuit · 1943
- Alpena Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1941
- Valuation Service Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Wheeler v. CommissionerUnited States Tax Court · 1943