Chemung Canal Trust Co. v. Commissioner
United States Board of Tax Appeals
The petitioner, being on the cash receipts and disbursements basis, should include in its gross income for 1929 and 1930 amounts of interest and discount collected in those years although included in gross income and subjected to tax for 1928. Chatham & Phenix Nat. Bank,1 B.T.A. 460, followed.
1Opinion of the Court
CHEMUNG CANAL TRUST COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chemung Canal Trust Co. v. Commissioner
Docket No. 69957.
United States Board of Tax Appeals
30 B.T.A. 230; 1934 BTA LEXIS 1356;
March 29, 1934, Promulgated
The petitioner, being on the cash receipts and disbursements basis, should include in its gross income for 1929 and 1930 amounts of interest and discount collected in those years although included in gross income and subjected to tax for 1928. Chatham & Phenix Nat. Bank,1 B.T.A. 460, followed.
William Flannery, Esq., for the petitioner.
George D. Brabson,…
2Cases cited2 opinions
- Chatham & Phenix Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1925
- Chemung Canal Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934