Peninsular State Bank v. Commissioner

Board of Tax Appeals

Peninsular State Bank v. Commissioner

3 B.T.A. 399, 1926 BTA LEXIS 2685

CourtUnited States Board of Tax Appeals

DecidedJanuary 19, 1926

DocketDocket No. 4172.

StatusPublished

This text of 3 B.T.A. 399 (Peninsular State 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.

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Peninsular State Bank v. Commissioner, 3 B.T.A. 399, 1926 BTA LEXIS 2685 (bta 1926).

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Opinion

[401]*401OPINION.

MoRRis:

Several questions pertaining to the year 1917 are raised by the petition, but the Commissioner, according to the deficiency letter, has found neither an overassessment nor a deficiency for that year. We are, therefore, without jurisdiction.

The auxiliary safes and police signalling system, the cost of which the taxpayer claims is deductible in 1919, 1920, and 1921, have not been shown to have been items of current expense. The safes are used by depositors for the purpose of accumulating small savings. Some of them have gone through the process of being filled, opened, and reissued for many years. The police signalling system, during the taxable years in question, served the purpose for which it was installed. . The slight reduction in its utilization was occasioned by the removal of a few push buttons, which were so located as to be conducive to the sending of false alarms.

The deduction of the balance of the taxpayer’s investment in the bonds of the Nestor Lumber Co. is disallowed, as the bonds were not proven to have been worthless in 1919.

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[401]*401OPINION.

MoRRis:

Several questions pertaining to the year 1917 are raised by the petition, but the Commissioner, according to the deficiency letter, has found neither an overassessment nor a deficiency for that year. We are, therefore, without jurisdiction.

The auxiliary safes and police signalling system, the cost of which the taxpayer claims is deductible in 1919, 1920, and 1921, have not been shown to have been items of current expense. The safes are used by depositors for the purpose of accumulating small savings. Some of them have gone through the process of being filled, opened, and reissued for many years. The police signalling system, during the taxable years in question, served the purpose for which it was installed. . The slight reduction in its utilization was occasioned by the removal of a few push buttons, which were so located as to be conducive to the sending of false alarms.

The deduction of the balance of the taxpayer’s investment in the bonds of the Nestor Lumber Co. is disallowed, as the bonds were not proven to have been worthless in 1919.

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3 B.T.A. 399, 1926 BTA LEXIS 2685, Counsel Stack Legal Research, https://law.counselstack.com/opinion/peninsular-state-bank-v-commissioner-bta-1926.

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