Appeal of First National Bank of Stoughton

Board of Tax Appeals

Appeal of First National Bank of Stoughton

2 B.T.A. 586

CourtUnited States Board of Tax Appeals

DecidedSeptember 9, 1925

DocketDocket No. 2790

StatusPublished

Cited by4 cases

This text of 2 B.T.A. 586 (Appeal of First National Bank of Stoughton) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Appeal of First National Bank of Stoughton, 2 B.T.A. 586 (bta 1925).

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Opinion

[587]*587OPINION.

Marquette:

The principles laid down in Appeal of Chatham & Phenix National Bank, 1 B. T. A. 460, are decisive of this appeal. We held in that appeal that, where a bank was on a cash receipts and disbursements basis, discount on time loans did not constitute income until the discount was actually received. The Commissioner has included as income on a cash basis discount charged at the time bills were discounted and has computed the additional tax accordingly. The tax must be recomputed on the basis set forth above. Appeal of Bank of Hartsville, 1 B. T. A. 920; Appeal of Madison & Kedzie State Bank, 1 B. T. A. 922.

Arundell not participating.

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[587]*587OPINION.

Marquette:

The principles laid down in Appeal of Chatham & Phenix National Bank, 1 B. T. A. 460, are decisive of this appeal. We held in that appeal that, where a bank was on a cash receipts and disbursements basis, discount on time loans did not constitute income until the discount was actually received. The Commissioner has included as income on a cash basis discount charged at the time bills were discounted and has computed the additional tax accordingly. The tax must be recomputed on the basis set forth above. Appeal of Bank of Hartsville, 1 B. T. A. 920; Appeal of Madison & Kedzie State Bank, 1 B. T. A. 922.

Arundell not participating.

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2 B.T.A. 586, Counsel Stack Legal Research, https://law.counselstack.com/opinion/appeal-of-first-national-bank-of-stoughton-bta-1925.

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