Legal Opinion
Putnam Nat. Bank v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided May 27, 1931No. 6173PublishedCited by 27 opinions
1Opinion of the Court
HUTCHESON, Circuit Judge.
Petitioner, having in 1921 made a partial charge off and had allowed as a bad debt a deduction of $18,000 on account of bonds held by it, was required by the Commissioner when that amount was collected on the bonds in 1925, to return it as taxable income for that year. On appeal to the Board of Tax Appeals, the action of the Commissioner was sustained, and the case comes here for review of the Board’s decision.
The facts, as stipulated and found by the Board, are: That petitioner, a national hank, in 1931 accepted in lieu of notes due it thirty-nine bonds of the face…
2Cases cited8 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Brewster v. GageSupreme Court of the United States · 1930
- Tyler v. United StatesSupreme Court of the United States · 1930
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Reinecke v. SpaldingSupreme Court of the United States · 1930
3 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Mayfair Minerals, Inc. v. CommissionerUnited States Tax Court · 1971
- Citizens Federal Savings and Loan Association of Cleveland v. United StatesCourt of Appeals for the Federal Circuit · 1961
- Unvert v. CommissionerUnited States Tax Court · 1979
- Sneed v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1941
- Askin & Marine Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1933
22 more not listed; retrieve them via the Exa API.