Legal Opinion
Ncnb Corporation, a North Carolina Corporation North Carolina National Bank v. United States
Court of Appeals for the Fourth Circuit
Decided June 18, 1981No. 78-1771PublishedCited by 8 opinions
1Opinion of the Court
MURNAGHAN, Circuit Judge:
Here we encounter the distinction between those business-related expenditures which under I.R.C. § 162 may currently be set off against a taxpayer’s gross income for the present accounting period (ex-pensed) and those expenditures which must be carried forward on the taxpayer’s books as part of the cost of producing income which will be recognized in future accounting periods (capitalized and subsequently written off, amortized, or depreciated).
*946I.
The taxpayer1 in the instant case is a “full service” national bank offering a wide range of banking services to its…
2Cases cited31 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Commissioner v. TellierSupreme Court of the United States · 1966
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
- American Automobile Assn. v. United StatesSupreme Court of the United States · 1961
26 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Ncnb Corporation, a North Carolina Corporation North Carolina National Bank v. United StatesCourt of Appeals for the Fourth Circuit · 1982
- Ellis Banking Corporation v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Eleventh Circuit · 1982
- Raymond Bertolini Trucking Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1984
- American Insulation Corp. v. CommissionerUnited States Tax Court · 1985
- Brown v. CommissionerUnited States Tax Court · 1983
3 more not listed; retrieve them via the Exa API.