(DOWNLOAD) "Michigan National Bank v. Michigan" by Court of Appeals of Michigan # eBook PDF Kindle ePub Free
eBook details
- Title: Michigan National Bank v. Michigan
- Author : Court of Appeals of Michigan
- Release Date : January 01, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
Respondent-appellee, Michigan Department of Treasury, undertook an audit of dealings in gold and silver conducted by petitioner-appellant, Michigan National Bank, through its international division, during the period from January 1, 1977, through July 31, 1980, and assessed a sales tax deficiency against petitioner on its dealings. The tax, with interest and penalties, amounts to $46,701.55. Ninety-five percent of petitioner's dealings involved coins, primarily South African gold Kruggerands. Typically, when a customer of the bank sought the bank's help in arranging for the purchase of gold, the bank, as a service to its customers, would, by telephone, contact an out-of-state dealer to determine the current rate of the items sought. If the rate was acceptable to the customer, he would so indicate, would advise the bank of the quantity to purchase, and would deposit part of the purchase price with the bank. The bank would then place the order with the dealer and pay the dealer with bank funds. After receipt of the items ordered (generally Krugerrands), the bank would call the customer who would pick up the coins from the bank and pay the balance due. For its services, the bank was paid a commission by its customer based on the amount paid by the bank for the coins.
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