First Nat'l Bank v. Commissioner
United States Tax Court
The petitioner was organized on July 9, 1934, and for the years 1929 through 1933 used the loss ratio experience of a certain bank in the locality and an adapted loss ratio experience of that bank for 1934 in computing its reserve for bad debts in the taxable years 1957 through 1960. On the facts, held, that the balance of the petitioner's reserve for bad debts on January 1, 1957, was adequate and reasonable for the taxable years 1957 through 1960 without any additions…
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The petitioner was organized on July 9, 1934, and for the years 1929 through 1933 used the loss ratio experience of a certain bank in the locality and an adapted loss ratio experience of that bank for 1934 in computing its reserve for bad debts in the taxable years 1957 through 1960. On the facts, held, that the balance of the petitioner's reserve for bad debts on January 1, 1957, was adequate and reasonable for the taxable years 1957 through 1960 without any additions thereto for those years.
1Opinion of the Court
The First National Bank in Olney, Petitioner, v. Commissioner of Internal Revenue, Respondent
First Nat'l Bank v. Commissioner
Docket No. 258-63
United States Tax Court
44 T.C. 764; 1965 U.S. Tax Ct. LEXIS 36;
August 30, 1965, Filed
Decision will be entered for the respondent.
The petitioner was organized on July 9, 1934, and for the years 1929 through 1933 used the loss ratio experience of a certain bank in the locality and an adapted loss ratio experience of that bank for 1934 in computing its reserve for bad debts in the taxable years 1957 through 1960. On the facts, held, that the balance of the…
2Cases cited18 opinions
- Brown v. HelveringSupreme Court of the United States · 1934
- Commissioner v. ConnellySupreme Court of the United States · 1949
- Krim-Ko Corp. v. CommissionerUnited States Tax Court · 1951
- C. P. Ford & Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- American State Bank, a Wisconsin Banking Corporation v. United States of America, (Two Cases)Court of Appeals for the Seventh Circuit · 1960
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