Chemung Canal Trust Co. v. Commissioner
United States Board of Tax Appeals
The petitioner, being on the cash receipts and disbursements basis, should include in its gross income for 1929 and 1930 amounts of interest and discount collected in those years although included in gross income and subjected to tax for 1928. Chatham & Phenix Nat. Bank,1 B.T.A. 460, followed.
1Opinion of the Court
opinion.
Morris :
This proceeding is for the redetermination of deficiencies in income tax of $4,249.99 and $6,102.75 for the taxable years 1929 and 1930, respectively, presenting for consideration the allegedly erroneous action of the respondent by reason of his inclusion of $51,546.88 in its income for those years, the amount representing interest and discount on notes which it had included in income and which had been subjected to income tax in the year 1928.
The petitioner is a corporation, duly organized and incorporated under the laws of the State of New York, and has its principal office…
2Cases cited2 opinions
- Chatham & Phenix Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1925
- Palm Beach Mather Co. v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by2 opinions
- Triplex Safety Glass Co. v. LatchumDistrict Court, D. Delaware · 1942
- Chemung Canal Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934