Columbia State Sav. Bank v. Commissioner

COLUMBIA STATE SAVINGS BANK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Columbia State Sav. Bank v. Commissioner

Docket No. 45261.

United States Board of Tax Appeals

31 B.T.A. 685; 1934 BTA LEXIS 1049;

November 22, 1934, Promulgated

Where books of taxpayer engaged in the making of interestbearing real estate mortgage loans are kept on an accrual basis, commissions or discounts deducted from the principal are income in the year the loans are made.

H. N. Smith, C.P.A., for the petitioner.

B. M. Coon, Esq., for the respondent.

MCMAHON

This proceeding is for the redetermination of an…