Wayne County & Home Sav. Bank v. Commissioner
United States Board of Tax Appeals
In the taxable years petitioner credited the checking accounts of its stockholders with sums for the payment of taxes assessed against their stock of petitioner. The taxes were paid by the shareholders, none of whom have ever reimbursed petitioner for any part of the sums credited to their accounts.
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In the taxable years petitioner credited the checking accounts of its stockholders with sums for the payment of taxes assessed against their stock of petitioner. The taxes were paid by the shareholders, none of whom have ever reimbursed petitioner for any part of the sums credited to their accounts. Held that so much of the taxes paid each year by each stockholder as was not in excess of the sum credited to his account for that purpose by petitioner is deductible from petitioner's gross income in the year of payment by the stockholder under the provisions of section 234(a)(3) of the Revenue…
1Opinion of the Court
WAYNE COUNTY AND HOME SAVINGS BANK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wayne County & Home Sav. Bank v. Commissioner
Docket No. 49144.
United States Board of Tax Appeals
26 B.T.A. 761; 1932 BTA LEXIS 1256;
July 29, 1932, Promulgated
In the taxable years petitioner credited the checking accounts of its stockholders with sums for the payment of taxes assessed against their stock of petitioner. The taxes were paid by the shareholders, none of whom have ever reimbursed petitioner for any part of the sums credited to their accounts. Held that so much of the taxes paid each year…
2Cases cited2 opinions
- Wayne County & Home Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1932
- Wayne County & Home Savings Bank v. CommissionerUnited States Board of Tax Appeals · 1932