First State Bank v. Commissioner
United States Board of Tax Appeals
During the year 1920, there was, pursuant to law, levied and collected from the petitioner for the maintenance of the Depositors' Guaranty Fund, the amount of $2,474.04. Held that the amount so levied and collected is an ordinary and necessary business expense and as such is a proper deduction from gross income for 1920.
1Opinion of the Court
FIRST STATE BANK OF BRACKETTVILLE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First State Bank v. Commissioner
Docket No. 12876.
United States Board of Tax Appeals
9 B.T.A. 975; 1927 BTA LEXIS 2471;
December 29, 1927, Promulgated
During the year 1920, there was, pursuant to law, levied and collected from the petitioner for the maintenance of the Depositors' Guaranty Fund, the amount of $2,474.04. Held that the amount so levied and collected is an ordinary and necessary business expense and as such is a proper deduction from gross income for 1920.
Charles F. Byers, Esq., for the…
2Cases cited1 opinion
- First State Bank v. CommissionerUnited States Board of Tax Appeals · 1927