First Nat. Bank of Kansas v. United States

SANBORN, Circuit Judge.

The appeal is from a judgment in favor of the government in an action brought by the appellant taxpayer to recover alleged over-payments of income and excess profits taxes.

In 1905, the taxpayer invested $450,000 in a banking house, its site and equipment. In 1905 and 1906 it charged off $125,000 of this investment against undivided profits, and carried the building and equipment on its books at $325,000 until the year 1919, when it purchased adjoining property for $80,000, thereby increasing its building account to $405,000. Beginning with 1910 the taxpayer each year…