1. Home
  2. Browse Decisions
  3. S.E.2d
  4. 204 S.E.2d
  5. 204 S.E.2d 426 (1974)
 

VIRGINIA NATIONAL BANK v. COMMONWEALTH

204 S.E.2d 426 (1974)

VIRGINIA NATIONAL BANK, etc. v. COMMONWEALTH of Virginia.

Supreme Court of Virginia.

April 22, 1974.

Attorney(s) appearing for the Case

T. Howard Spainhour, Norfolk, Conrad M. Shumadine, Richmond (Kaufman, Oberndorfer & Spainhour, Norfolk, McGuire, Woods & Battle, Richmond, on brief), for appellant.

Sally T. Warthen, Asst. Atty. Gen. (Andrew P. Miller, Atty. Gen., on brief), for appellee.

Before SNEAD, C. J., and I'ANSON, CARRICO, COCHRAN, and POFF, JJ.

CARRICO, Justice.

This case presents a novel question concerning the proper manner of ascertaining the value of bank stock for tax purposes. Essentially, the question turns upon whether the proceeds of certain "capital notes," issued by a bank to borrow funds for use in its banking business, should be included as additions to the capital of the bank, thereby increasing the value of its capital stock for tax purposes.

Code § 58-466 provides that the stockholders...

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases