Central Bank Co. v. Commissioner
United States Tax Court
In its income tax returns for the taxable years in issue the petitioner took certain deductions for additions to its reserve for bad debts allegedly computed by it under the formula provided in Mim. 6209 and revenue rulings supplementary thereto. Determining that the amounts of the reserve computed by him for the respective years constituted adequate provision for petitioner's bad debts, the respondent disallowed the deductions taken by the petitioner.
Read the full summary
In its income tax returns for the taxable years in issue the petitioner took certain deductions for additions to its reserve for bad debts allegedly computed by it under the formula provided in Mim. 6209 and revenue rulings supplementary thereto. Determining that the amounts of the reserve computed by him for the respective years constituted adequate provision for petitioner's bad debts, the respondent disallowed the deductions taken by the petitioner. Held, that the basic and ultimate issue for determination is the correctness of the respondent's action in disallowing the deductions, on the…
1Opinion of the Court
Withey, Judge:
The Commissioner has determined deficiencies in the income tax of the petitioner in the amounts of $18,200, $15,600, and $15,600 for the years 1956,195V, and 1958, respectively. The sole issue presented is the correctness of the respondent’s action in disallowing deductions of $35,000, $30,000, and $30,000 taken by petitioner in its income tax returns for 1956, 1957, and 1958, respectively, as additions to its reserve for bad debts for the respective years.
FINDINGS OF FACT.
We find such facts as the parties have stipulated.
The petitioner is an Ohio corporation organized in…
2Cases cited9 opinions
- Commissioner v. ConnellySupreme Court of the United States · 1949
- Black Motor Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1942
- Black Motor Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Chipley v. CommissionerUnited States Board of Tax Appeals · 1932
- Foster Frosty Foods, Inc. v. CommissionerUnited States Tax Court · 1963
4 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Pullman Trust & Savings Bank v. United StatesDistrict Court, N.D. Illinois · 1963
- Ehlen v. United StatesUnited States Court of Claims · 1963
- North Carolina National Bank v. The United StatesUnited States Court of Claims · 1965
- The Central Bank Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1964
- Union National Bank of Youngstown v. United StatesDistrict Court, N.D. Ohio · 1965
5 more not listed; retrieve them via the Exa API.