First Nat'l Bank v. Commissioner

Board of Tax Appeals

First Nat'l Bank v. Commissioner

2 B.T.A. 586, 1925 BTA LEXIS 2343

CourtUnited States Board of Tax Appeals

DecidedSeptember 9, 1925

DocketDocket No. 2790.

StatusPublished

This text of 2 B.T.A. 586 (First Nat'l Bank 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

First Nat'l Bank v. Commissioner, 2 B.T.A. 586, 1925 BTA LEXIS 2343 (bta 1925).

Pincite

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.

Free access — add to your briefcase to read the full text and ask questions with AI

[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.

Cite This Page — Counsel Stack

Bluebook (online)

2 B.T.A. 586, 1925 BTA LEXIS 2343, Counsel Stack Legal Research, https://law.counselstack.com/opinion/first-natl-bank-v-commissioner-bta-1925.

Opinion

Related

Cite This Page — Counsel Stack