First Sec. Bank, N.A. v. Commissioner
United States Tax Court
Held, certain expenditures made by petitioner banks in adopting a consumer credit card plan to expand their installment credit operations are currently deductible under sec. 162, I.R.C. 1954. Colorado Springs National Bank v. United States, 505 F.2d 1185 (C.A. 10, 1974), followed; see also Jack E. Golsen, 54 T.C. 742 (1970), affd. 445 F.2d 985 (C.A. 10, 1971), certiorari denied 404 U.S. 940 (1971). Held, further, the fair market value of certain property donated to the City…
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Held, certain expenditures made by petitioner banks in adopting a consumer credit card plan to expand their installment credit operations are currently deductible under sec. 162, I.R.C. 1954. Colorado Springs National Bank v. United States, 505 F.2d 1185 (C.A. 10, 1974), followed; see also Jack E. Golsen, 54 T.C. 742 (1970), affd. 445 F.2d 985 (C.A. 10, 1971), certiorari denied 404 U.S. 940 (1971). Held, further, the fair market value of certain property donated to the City of Nampa, Idaho, in 1965 by petitioner First Security Bank of Idaho, N.A., determined.
1Opinion of the Court
Fay, Judge:
deficiencies in the Respondent has determined designated years in Federal income taxes of petitioners for the the following amounts:2
Year Deficiency Docket No. Petitioner
1960 $350,186.35 1197-67 [3] First Security Bank of Idaho, N.A.
1961 170,847.59
1963 103,702.62
1964 94,590.76 1240-71 First Security Bank of Utah, N.A.
1965 185,029.55
1966 222,822.40
1967 245,542.70
1964 95,372.59 1241-71 First Security Bank of Idaho, N.A.
1965 191,660.27
1966 205,469.05
1967 268,352.32
As a result of concessions there remain two issues for our decision: (1) Whether the costs of a consumer credit card…
2Cases cited13 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
- United States v. Victor H. And Elsie Akin, Fred C. And Alice M. Kluver, E.F. And Gladys MunroeCourt of Appeals for the Tenth Circuit · 1957
- United States v. Mississippi Chemical Corp.Supreme Court of the United States · 1972
8 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Madison Gas and Electric Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1980
- Madison Gas & Electric Co. v. CommissionerUnited States Tax Court · 1979
- Goodwin v. CommissionerUnited States Tax Court · 1980
- Iowa-Des Moines Nat'l Bank v. CommissionerUnited States Tax Court · 1977
- First Security Bank of Idaho, N. A. v. Commissioner of Internal Revenue, First Security Bank of Utah, N. A. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1979
12 more not listed; retrieve them via the Exa API.