First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Evidence of a national bank that an asset account representing Russian bonds was in 1921 reduced by amounts "charged off" by order of a national bank examiner held insufficient to established a deductible loss or bad debt. 2. No deduction in respect of reduced value of Russian Imperial bonds may be taken unless the loss provision of the statute is fulfilled. First National Bank of St. Paul,10 B.T.A. 32, followed.
1Opinion of the Court
FIRST NATIONAL BANK, PARKERS LANDING, PA., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First Nat'l Bank v. Commissioner
Docket No. 14571.
United States Board of Tax Appeals
12 B.T.A. 1387; 1928 BTA LEXIS 3349;
July 17, 1928, Promulgated
1. Evidence of a national bank that an asset account representing Russian bonds was in 1921 reduced by amounts "charged off" by order of a national bank examiner held insufficient to established a deductible loss or bad debt.
2. No deduction in respect of reduced value of Russian Imperial bonds may be taken unless the loss provision of the statute is…
2Cases cited3 opinions
- First National Bank, Parkers Landing v. CommissionerUnited States Board of Tax Appeals · 1928
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1928
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1928