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HILLSBORO NATIONAL BANK v. COMMISSIONER

No. 81-485.

460 U.S. 370 (1983)

103 S.Ct. 1134

75 L.Ed.2d 130

HILLSBORO NATIONAL BANK v. COMMISSIONER OF INTERNAL REVENUE

Supreme Court of United States.

Decided March 7, 1983

Attorney(s) appearing for the Case

Harvey B. Stephens argued the cause for petitioner in No. 81-485. With him on the briefs were Mark H. Ferguson and Robert A. Stuart.

James Silhasek argued the cause and filed a brief for respondent in No. 81-930.

Solicitor General Lee argued the cause for the United States in No. 81-930 and respondent in No. 81-485. With him on the briefs were Assistant Attorney General Archer, Stuart A. Smith, Gary R. Allen, Jay W. Miller, and David I. Pincus.†

JUSTICE O'CONNOR delivered the opinion of the Court.

These consolidated cases present the question of the applicability of the tax benefit rule to two corporate tax situations: the repayment to the shareholders of taxes for which they were liable but that were originally paid by the corporation; and the distribution of expensed assets in a corporate liquidation. We conclude that, unless a nonrecognition provision of the Internal Revenue Code prevents it, the tax benefit...

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