Fidelity Trust Co. v. Commissioner
United States Board of Tax Appeals
1. The Board, having jurisdiction of the subject, must consider all matters necessary to the exercise of jurisdiction. 2. Officers and directors of a corporation are not the agents of the individual stockholders and have no control over their individual stock holdings. 3. The fact that a majority of the directors of a corporation resign and the board by election substitutes directors of another corporation is not sufficient to give the second corporation statutory control.…
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1. The Board, having jurisdiction of the subject, must consider all matters necessary to the exercise of jurisdiction. 2. Officers and directors of a corporation are not the agents of the individual stockholders and have no control over their individual stock holdings. 3. The fact that a majority of the directors of a corporation resign and the board by election substitutes directors of another corporation is not sufficient to give the second corporation statutory control. 4. The statute recognizes no qualification of the word control, such as legal control or actual control. 5. The full…
1Opinion of the Court
APPEAL OF FIDELITY TRUST CO.
Fidelity Trust Co. v. Commissioner
Docket No. 4920.
United States Board of Tax Appeals
4 B.T.A. 411; 1926 BTA LEXIS 2287;
July 27, 1926, Decided
1. The Board, having jurisdiction of the subject, must consider all matters necessary to the exercise of jurisdiction.
2. Officers and directors of a corporation are not the agents of the individual stockholders and have no control over their individual stock holdings.
3. The fact that a majority of the directors of a corporation resign and the board by election substitutes directors of another corporation is not sufficient to…
2Cases cited1 opinion
- Appeal of Fidelity Trust Co.United States Board of Tax Appeals · 1926