First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Where the books of a bank are kept on the cash receipts and disbursements basis, bank discount neither earned nor received within the taxable year does not constitute income for that year. 2. All amounts which constitute income within the year under the method of accounting employed, must be returned for taxation in that year, even though a part thereof was improperly reported as income and the tax paid thereon in a prior year.
1Opinion of the Court
*556OPINION.
MaRquette:
The parties hereto have agreed, that certain adjustments set forth in the findings of fact should be made in the petitioner’s income for the years 1919 and 1920. This leaves for our determination only the question of whether or not the amount of $5,733, representing discounts on notes made in 1918 but which were not earned or received until 1919, should be included in the petitioner’s income for the latter year. The petitioner now admits that the amount in question is properly income for 1919, but ‘contends that, having returned the amount as income for 1918 and paid the tax…
2Cited by4 opinions
- Cosmopolitan Bond & Mortgage Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Cosmopolitan Bond & Mortgage Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Cosmopolitan Bond & Mortgage Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1927