Montgomery National Bank v. United States

MEMORANDUM

SWINFORD, District Judge.

This case is before the court for judgment on the record. The controversy revolves around a dispute as to whether the plaintiff, Montgomery National Bank (hereinafter the Bank) should have been allowed an income tax loss deduction for the demolition of a building it purchased in June of 1963.

In 1967 a proposed deficiency assessment of $23,196.56 for the tax year of 1964 was made by the Internal Revenue Service against the Bank. The Bank contested the assessment, but elected to pay it on February 15, 1968, while simultaneously filing a claim for a refund of…