United States Board of Tax Appeals October 13, 1938, Docket No. 91697. (Peoples State Bank v. Commissioner)

*861OPINION.

Opper:

Petitioner, closed in 1932 because of insolvency, was reopened pursuant to Michigan law1 by virtue of a judicially approved agreement by the depositors to accept the proceeds of liquidation of certain segregated assets and the earnings of the bank for five years in satisfaction of approximately half of their deposits.