First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Reasonable additions to a reserve for bad debts deductible from gross income for the years 1921, 1922, and 1923 determined. 2. The petitioner held entitled to deduct from gross income in annual tax returns, as ordinary and necessary operating expenses, its pro rata share of the operating expenses of the Omaha Clearing House Association, certain amounts representing the petitioner's pro rata share of the expenses of conventions, and certain contributions to civic…
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1. Reasonable additions to a reserve for bad debts deductible from gross income for the years 1921, 1922, and 1923 determined. 2. The petitioner held entitled to deduct from gross income in annual tax returns, as ordinary and necessary operating expenses, its pro rata share of the operating expenses of the Omaha Clearing House Association, certain amounts representing the petitioner's pro rata share of the expenses of conventions, and certain contributions to civic organizations. 3. An amount paid by the petitioner in the year 1923 as a bonus in connection with the acquirement of certain…
1Opinion of the Court
*1363OPINION.
Smith:
In its returns for each of the years 1921, 1922, and 1923 the petitioner deducted from gross income the amount of bad debts *1364ascertained to be worthless during the year and charged to profit and loss and also an additional amount set up in a bad debt reserve in each taxable year. There was no duplication of the amounts claimed as deductions in any instance; that is, bad debts ascertained to be worthless and charged to the reserve for bad debts were not claimed as a deduction from gross income. In the audit of the petitioner’s tax returns the respondent has allowed the deduction…
2Cases cited1 opinion
- Kornhauser v. United StatesSupreme Court of the United States · 1928
3Cited by6 opinions
- Great N. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Manistique Lumber & Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Adam, Meldrum & Anderson Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1929
- Great N. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
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