First State Bank v. Commissioner

FIRST STATE BANK OF WEIMAR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

First State Bank v. Commissioner

Docket Nos. 12657, 16011.

United States Board of Tax Appeals

10 B.T.A. 396; 1928 BTA LEXIS 4121;

January 30, 1928, Promulgated

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.

Charles F. Byers, Esq., for the petitioner.

Harold Allen, Esq., for…