Which case is cited as the business purpose doctrine: Gregory v. Helvering or Ableman v. Booth?
Ableman v. Booth Ableman v. Booth, 62 U.S. 506 (1859) , was a United States Supreme Court case in which the Court held that State courts cannot issue rulings on federal law that contradict the decisions of federal courts, overturning a decision by the Supreme Court of Wisconsin. The Supreme Court held that under the Constitution, the federal courts have the final power to decide cases arising under the Constitution and federal statutes, and that the States do not have the power to overturn those decisions. Thus, Wisconsin did not have the authority to nullify federal judgments or statutes.
Taylor v. Standard Gas &amp; Electric Co. Taylor v. Standard Gas and Electric Company, 306 U.S. 307 (1939) , was an important United States Supreme Court case in United States corporate law that laid down the "Deep Rock doctrine" as a rule of bankruptcy and corporate law. This holds that claims, as creditors, upon an insolvent subsidiary company by controlling shareholders or other insiders, like managers or directors, will be subordinated to the claims of all other creditors.