Bank of Rockingham v. Commissioner

Board of Tax Appeals

Bank of Rockingham v. Commissioner

3 B.T.A. 1137, 1926 BTA LEXIS 2468

CourtUnited States Board of Tax Appeals

DecidedApril 1, 1926

DocketDocket No. 4682.

StatusPublished

This text of 3 B.T.A. 1137 (Bank of Rockingham v. Commissioner) 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

Bank of Rockingham v. Commissioner, 3 B.T.A. 1137, 1926 BTA LEXIS 2468 (bta 1926).

Pincite

Opinion

[1138]*1138FINDINGS OP FACT.

The taxpayer is a North Carolina corporation engaged in th< commercial and savings bank business at Rockingham. Its books of account were kept on the basis of cash receipts and disbursements

During the year 1920 the taxpayer discounted certain notes witl accrued interest, the discount upon which amounted to $4,642. Nc part of the said notes was paid during the taxable year 1920.

The Commissioner has included in gross income the said sum oi $4,642 as income to the taxpayer in the year 1920.

The discount in the amount of $1¡.,61¡.2 should be excluded frorr, gross income of the year 1920, and the tax computed accordingly Appeal of Chatham <& Phenix National Bank, 1 B. T. A. ⅛60, Appedl of Bank of Eartsville, 1 B. T. A. 920. Order of redetermination will be entered on 10 days' notice, under Rule 50.

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