Bellefontaine Federal Sav. & Loan Asso. v. Commissioner
United States Tax Court
Held, in the circumstances of this case, additions to a reserve made by petitioner for the years 1952-1956 in compliance with regulations of the Federal Home Loan Bank Board were not deductible. Sec. 23(k)(1), I.R.C. 1939; secs. 166(c), 593, I.R.C. 1954.
1Opinion of the Court
OPINION.
Raum, Judge:
The respondent determined deficiencies in the income tax of petitioner as follows:
Taxable year Deficiency
1952_ $2,639.24
1953_ 6,837.83
1954-5,200.00
1955_ 25,313.24
1956_ 14,742.29
Respondent, by amended answer, claims an increased deficiency for the year 1953 in the amount of $1,637.83.
The sole issue is whether petitioner is entitled to deductions for additions to a reserve which it was required to make under regulations of the Federal Home Loan Bank Board. All of the facts have been stipulated.
The principal office of petitioner is located in Bellefontaine, Ohio. It was…
2Cases cited6 opinions
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- National Airlines, Inc. v. CommissionerUnited States Tax Court · 1947
- Kansas City Southern Ry. Co. v. Commissioner of Int. Rev.Court of Appeals for the Eighth Circuit · 1931
- Gulf Power Co. v. CommissionerUnited States Tax Court · 1948
- Mitchell-Huron Production Credit Ass'n v. WelshDistrict Court, D. South Dakota · 1958
1 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- West Virginia Steel Corp. v. CommissionerUnited States Tax Court · 1960
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- Lincoln Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1968
- San Antonio Savings Association and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1989
- Hanover Ins. Co. v. CommissionerUnited States Tax Court · 1976
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