Legal Opinion
Iowa-Des Moines National Bank v. Commissioner of Internal Revenue, United States National Bank of Omaha v. Commissioner of Internal Revenue
Court of Appeals for the Eighth Circuit
Decided February 7, 1979No. 78-1080 and 78-1081PublishedCited by 30 opinions
1Opinion of the Court
GIBSON, Chief Judge.
These consolidated cases involve the income tax deductibility of certain payments made by Iowa-Des Moines National Bank in 1969 and United States National Bank of Omaha in 1969 and 1970. The Commissioner disallowed the deductions and determined deficiencies. 1 Pursuant to petition for redetermination, the Tax Court 2 concluded that the amounts here in issue and other amounts were properly deducted by the taxpayers as ordinary and necessary business expenses, with the exception of a $10,000 implementation fee which the Tax Court held to be a nondeductible capital…
2Cases cited8 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
- The Colorado Springs National Bank, a National Banking Association v. United StatesCourt of Appeals for the Tenth Circuit · 1974
3 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Seligman v. CommissionerUnited States Tax Court · 1985
- Ncnb Corporation, a North Carolina Corporation North Carolina National Bank v. United StatesCourt of Appeals for the Fourth Circuit · 1982
- Ellis Banking Corporation v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Eleventh Circuit · 1982
- Central Texas Savings & Loan Association v. United StatesCourt of Appeals for the Fifth Circuit · 1984
- National Starch and Chemical Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1990
25 more not listed; retrieve them via the Exa API.