Legal Opinion
Walter W. Cruttenden and Fay T. Cruttenden v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided May 15, 1981No. 79-7066PublishedCited by 19 opinions
1Opinion of the Court
NELSON, Circuit Judge:
In this appeal we confront the ambivalent tax characteristics of a practice in the stock brokerage industry: the borrowing of securities by a brokerage firm under a subordination agreement that allows the firm to use the securities to meet its net capital requirements under stock exchange rules. While it is clear that legal title to the securities does not pass from the lender to the brokerage firm by terms of the agreement under review, we must determine whether the agreement so impairs the lender’s title as to bring the lender’s expenses in terminating the agreement…
2Cases cited17 opinions
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
- Audrey M. Thompson, Florence Ain & Gregory Ain, Dorothy E. Kahan & Robert Kahan, Nana Berman & William Berman v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1980
- Harrison E. Spangler and Myrtle B. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
12 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- First Charter Financial Corp., Plaintiff-Appellee-Cross-Appellant v. United States of America, Defendant-Appellant-Cross-AppelleeCourt of Appeals for the First Circuit · 1982
- J.R. Betson, Jr. And Joan Sue Betson v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1986
- Vukasovich, Inc. v. Commissioner of Internal Revenue, Vukasovich, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1986
- Byram v. United StatesCourt of Appeals for the Fifth Circuit · 1983
- Orlo G. Burch and Marjorie C. Burch v. United StatesCourt of Appeals for the Second Circuit · 1983
14 more not listed; retrieve them via the Exa API.