Feathers v. Commissioner
United States Tax Court
The petitioner made payments to a bank, the purpose being to use the money, if necessary, to pay depositors in liquidation proceedings. The arrangement was to be effective until in the opinion of the state superintendent of banks the financial condition of the bank increased sufficiently to protect the depositors.
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The petitioner made payments to a bank, the purpose being to use the money, if necessary, to pay depositors in liquidation proceedings. The arrangement was to be effective until in the opinion of the state superintendent of banks the financial condition of the bank increased sufficiently to protect the depositors. Subsequently the funds were by petitioner's authority used as collateral for payment of debenture bonds of the bank and such security was to continue until released by the bondholder. Subsequently, in a recapitalization of the bank, the rights of petitioner to a return of her…
1Opinion of the Court
Mary Kavanaugh Feathers, Petitioner, v. Commissioner of Internal Revenue, Respondent
Feathers v. Commissioner
Docket No. 8518
United States Tax Court
8 T.C. 376; 1947 U.S. Tax Ct. LEXIS 277;
February 20, 1947, Promulgated
Decision will be entered under Rule 50.
The petitioner made payments to a bank, the purpose being to use the money, if necessary, to pay depositors in liquidation proceedings. The arrangement was to be effective until in the opinion of the state superintendent of banks the financial condition of the bank increased sufficiently to protect the depositors. Subsequently the funds were…
2Cases cited1 opinion
- Feathers v. CommissionerUnited States Tax Court · 1947