Eastern New Jersey Power Co. v. Commissioner
United States Board of Tax Appeals
Petitioner had a claim against a bank for unpaid deposits. The bank had been closed in 1931 and was reopened in April 1933, under a plan approved by the state commissioner of banking. Petitioner signed the agreement for reopening and received participation certificates entitling it to receive payments from earnings and liquidation of certain assets up the amount of the unpaid deposit. In 1933 petitioner received payment of 10 percent of the deposit.
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Petitioner had a claim against a bank for unpaid deposits. The bank had been closed in 1931 and was reopened in April 1933, under a plan approved by the state commissioner of banking. Petitioner signed the agreement for reopening and received participation certificates entitling it to receive payments from earnings and liquidation of certain assets up the amount of the unpaid deposit. In 1933 petitioner received payment of 10 percent of the deposit. Petitioner "ascertained" the claim to be worthless and charged it off on its books as a bad debt at the end of 1933. Held, petitioner could not…
1Opinion of the Court
EASTERN NEW JERSEY POWER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Eastern New Jersey Power Co. v. Commissioner
Docket No. 88566.
United States Board of Tax Appeals
37 B.T.A. 1037; 1938 BTA LEXIS 952;
June 10, 1938, Promulgated
Petitioner had a claim against a bank for unpaid deposits. The bank had been closed in 1931 and was reopened in April 1933, under a plan approved by the state commissioner of banking. Petitioner signed the agreement for reopening and received participation certificates entitling it to receive payments from earnings and liquidation of certain…
2Cases cited1 opinion
- Eastern New Jersey Power Co. v. CommissionerUnited States Board of Tax Appeals · 1938