Citizens National Bank & Trust Co. v. Commonwealth

Opinion by

Judge Palladino,

This is an appeal by Citizens National Bank and Trust Company (Taxpayer) from an Order of tbe Board of Finance and Revenue refusing Taxpayer’s Petition for Refund of a portion of its Bank Shares Tax. We affirm.

We adopt as our findings the facts stipulated by the parties.

Taxpayer, a banking institution, is subject to the annual Bank Shares Tax imposed by Section 701 of the Tax Reform Code of 1971, Act of March 4, 1971, P.L. 6, 72 P.S. §701 (Bank Shares Tax), and uses an accrual system of accounting.1 Taxpayer’s Shares and Loans Tax Report conformed to the Department’s…