First State Bank v. Commissioner
United States Board of Tax Appeals
Amounts levied and collected from the petitioner in 1920, 1921, and 1922 for the maintenance of the Depositors Guaranty Fund are ordinary and necessary business expenses and as such are proper deductions for the year in which paid. First State Bank of Brackettville,9 B.T.A. 975, followed.
1Opinion of the Court
*397OPINION.
Love :
The petitioner’s contention in respect of the issue presented in these proceedings has been considered and sustained by the Board in First State Bank of Brackettville, 9 B. T. A. 975. The amounts paid into the Fund during the year in question as a result of either or both annual and/or special assessments are properly deductible from gross income for the year in which paid.
Judgment will be entered on 15 days' notice, under Bule 50.
2Cited by1 opinion
- First State Bank v. CommissionerUnited States Board of Tax Appeals · 1928