Legal Opinion
First Nat. Bank of Chicago v. United States
Supreme Court of the United States
Decided April 13, 1931No. 124PublishedCited by 13 opinions
1Opinion of the CourtJustice McReynolds
The First National Bank of Chicago made a consolidated corporation income and profits tax return for the year 1922,. which, among other things, disclosed results from operations of two affiliated corporations, the First Trust Joint Stock Land Banks of Chicago and Dallas, organized under the Federal Farm Loan Act of 1916. It claimed the right to deduct from total receipts the amounts paid (or accrued) during the year by the Land Banks for interest upon their outstanding bonds. The Commissioner refused to allow the deductions. Payment as demanded was followed by suit to recover in the Court of…
2Cases cited1 opinion
- Denman v. SlaytonSupreme Court of the United States · 1931
3Cited by13 opinions
- Lykes Bros. Steamship v. United StatesUnited States Court of Claims · 1975
- Bishop v. CommissionerUnited States Tax Court · 1963
- Planters' Cotton Oil Co. v. HopkinsCourt of Appeals for the Fifth Circuit · 1931
- Fire Companies Bldg. Corp. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1931
- Crocker First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1932
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