Legal Opinion
First Nat. Bank of Omaha v. Commissioner of Internal Revenue
Court of Appeals for the Eighth Circuit
Decided April 13, 1931No. 8982PublishedCited by 5 opinions
1Opinion of the Court
VAN VALKENBURGH, Circuit Judge.
This is a petition to review a decision of the Board of Tax Appeals. But two questions are involved. The first relates to the determination of a deficiency in tax for 1921, and the second to the determination of a deficiency for 1923.
The Revenue Act of 1921 (42 Stat. 227, 254, 255) provided as follows:
“Sec, 234. (a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall be allowed as deductions:
“(1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or…
2Cases cited2 opinions
- Rhode Island Hospital T. Co. v. COM'NR. OF INTERNAL REVENUECourt of Appeals for the First Circuit · 1928
- Collins v. School Dist. of Borough of TraffordCourt of Appeals for the Third Circuit · 1934
3Cited by5 opinions
- Sam P. Wallingford G. Corp. v. Commissioner of Int. Rev.Court of Appeals for the Tenth Circuit · 1934
- Atlantic Bank & Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1932
- Mitchell-Huron Production Credit Ass'n v. WelshDistrict Court, D. South Dakota · 1958
- Bemis Bros. Bag Co. v. United StatesCourt of Appeals for the Eighth Circuit · 1932
- Burnet v. National Electric Ticket Register Co.Court of Appeals for the Eighth Circuit · 1932