First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
Where a bank keeps its books of account and makes its returns on the basis of cash receipts and disbursements, discount on time loans does not constitute income until the amount thereof is actually received.
1Opinion of the Court
APPEAL OF FIRST NATIONAL BANK OF STOUGHTON, WISCONSIN.
First Nat'l Bank v. Commissioner
Docket No. 2790.
United States Board of Tax Appeals
2 B.T.A. 586; 1925 BTA LEXIS 2343;
September 9, 1925, Decided Submitted May 27, 1925.
Where a bank keeps its books of account and makes its returns on the basis of cash receipts and disbursements, discount on time loans does not constitute income until the amount thereof is actually received.
George M. Morris, Esq., for the taxpayer.
A. H. Fast, Esq., for the Commissioner.
MARQUETTE
Before IVINS, MARQUETTE, and MORRIS.
This is an appeal from the determination of a…
2Cases cited1 opinion
- Appeal of First National Bank of StoughtonUnited States Board of Tax Appeals · 1925