First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Reasonable additions to a reserve for bad debts deductible from gross income for the years 1921, 1922, and 1923 determined. 2. The petitioner held entitled to deduct from gross income in annual tax returns, as ordinary and necessary operating expenses, its pro rata share of the operating expenses of the Omaha Clearing House Association, certain amounts representing the petitioner's pro rata share of the expenses of conventions, and certain contributions to civic…
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1. Reasonable additions to a reserve for bad debts deductible from gross income for the years 1921, 1922, and 1923 determined. 2. The petitioner held entitled to deduct from gross income in annual tax returns, as ordinary and necessary operating expenses, its pro rata share of the operating expenses of the Omaha Clearing House Association, certain amounts representing the petitioner's pro rata share of the expenses of conventions, and certain contributions to civic organizations. 3. An amount paid by the petitioner in the year 1923 as a bonus in connection with the acquirement of certain…
1Opinion of the Court
FIRST NATIONAL BANK OF OMAHA, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First Nat'l Bank v. Commissioner
Docket No. 30033.
United States Board of Tax Appeals
17 B.T.A. 1358; 1929 BTA LEXIS 2142;
November 8, 1929, Promulgated
1. Reasonable additions to a reserve for bad debts deductible from gross income for the years 1921, 1922, and 1923 determined.
2. The petitioner held entitled to deduct from gross income in annual tax returns, as ordinary and necessary operating expenses, its pro rata share of the operating expenses of the Omaha Clearing House Association, certain amounts…
2Cases cited8 opinions
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Backer v. CommissionerUnited States Board of Tax Appeals · 1924
- Collin v. CommissionerUnited States Board of Tax Appeals · 1925
- F. Meyer & Bro. Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Poinsett Mills v. CommissionerUnited States Board of Tax Appeals · 1924
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