North Carolina National Bank v. The United States

WHITAKER, Senior Judge.

Plaintiff sues to recover the additional taxes assessed against it resulting from the disallowance of the addition to its. reserve for bad debts claimed on its return.-

Plaintiff succeeded to all the rights and obligations of the Security National Bank of Greensboro on June 30, 1960. The Security Bank had been organized on August 28, 1933. Until 1951 the Security Bank was engaged in the making of commercial loans only, but in that year it organized a Time Payment Department, which it continued to operate during and after the taxable years in question, which are the years…