West Town State Bank v. Commissioner
United States Board of Tax Appeals
1. Allegations of new matter in support of claim for increased deficiency set up in an amended answer to which no reply was filed, held, admitted.
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1. Allegations of new matter in support of claim for increased deficiency set up in an amended answer to which no reply was filed, held, admitted. F. O. Statler,27 B.T.A. 342. 2. The Board of Tax Appeals is not confined to a consideration alone of the revenue statutes, and may not adjudicate as a deficiency or transferee liability an amount which by the Constitution or a supervening statute or decision may not legally be imposed or exacted, 3. A receiver's affidavit that in his opinion a bank's assets and stockholders' assessments will not be sufficient to pay depositors in full, held,…
1Opinion of the Court
OPINION.
SteRNhagen :
The Commissioner determined a deficiency of $10,984.64 in petitioner’s income tax for 1928. He disallowed deductions for donations and obsolescence. In its petition, the bank assailed the disallowance of the obsolescence deduction and the refusal to recognize a resulting net loss. The Commissioner, by an amended answer, set up an additional profit of the petitioner in 1928 from a condemnation award, and claimed an increase in the deficiency. No reply was filed, and hence the allegations of new matter must be taken as admitted, F. O. Statler, 27 B. T. A. 342. When the case…
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