Broadway National Bank v. Commissioner of Corporations & Taxation

This is an appeal by the taxpayer, a national banking association, from a decision of the Appellate Tax Board in favor of the commissioner of corporations and taxation, who had refused to abate a tax which, pursuant to G. L. (Ter. Ed.) c. 63, § 2, as amended by St. 1941, c. 509, § 3, he had assessed upon the bank in 1943, and which was measured by its net income in 1942.

The facts appear in the decision of the board. In several years prior to 1942 the bank, at the request of the comptroller of the currency of the United States, charged off certain overdue loans and decreased its profit and…