First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Held, upon the evidence, that petitioner is not entitled to obsolescence deductions in the years 1925, 1926 and 1927 upon its banking property. 2. Held that the petitioner's action in charging a portion of a debt to a reserve for loss in the year 1927 meets the requirement of the charge-off of a debt ascertained to be worthless within the meaning of section 234(a)(5) of the Revenue Act of 1926, and that the petitioner is entitled to deduct such amount from gross income of…
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1. Held, upon the evidence, that petitioner is not entitled to obsolescence deductions in the years 1925, 1926 and 1927 upon its banking property. 2. Held that the petitioner's action in charging a portion of a debt to a reserve for loss in the year 1927 meets the requirement of the charge-off of a debt ascertained to be worthless within the meaning of section 234(a)(5) of the Revenue Act of 1926, and that the petitioner is entitled to deduct such amount from gross income of that year. 3. Amounts collected in the taxable years in question upon the principal loans written off in previous years…
1Opinion of the Court
FIRST NATIONAL BANK OF KEY WEST, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First Nat'l Bank v. Commissioner
Docket No. 45186.
United States Board of Tax Appeals
26 B.T.A. 370; 1932 BTA LEXIS 1318;
June 10, 1932, Promulgated
1. Held, upon the evidence, that petitioner is not entitled to obsolescence deductions in the years 1925, 1926 and 1927 upon its banking property.
2. Held that the petitioner's action in charging a portion of a debt to a reserve for loss in the year 1927 meets the requirement of the charge-off of a debt ascertained to be worthless within the meaning of section…
2Cases cited14 opinions
- Burnet v. Niagara Falls Brewing Co.Supreme Court of the United States · 1931
- United Business Corp. of Am. v. CommissionerUnited States Board of Tax Appeals · 1930
- Manhattan Brewing Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Zakon v. CommissionerUnited States Board of Tax Appeals · 1927
- Columbia Malting Co. v. CommissionerUnited States Board of Tax Appeals · 1925
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