Legal Opinion
The First National Bank in Olney v. Commissioner of Internal Revenue
Court of Appeals for the First Circuit
Decided September 15, 1966No. 15484_1PublishedCited by 7 opinions
1Opinion of the Court
KILEY, Circuit Judge.
The Tax Court’s judgment sustained deficiency assessments against The First National Bank in Olney (Taxpayer), after disallowance of deductions for additions to the Bank’s bad debt reserve 1 in the years 1957 through I960. 2 We affirm the judgment.
Taxpayer, of Olney, Illinois, population about 10,000, was organized July 9, 1934, and has been in the general banking business since that time. Before 1947 it computed its deductions for bad debts by specific chargeoffs. Thereafter it elected, under Mimeograph 6209 3 of the Treasury Department, to change from the specific…
2Cases cited6 opinions
- Pullman Trust & Savings Bank v. United StatesDistrict Court, N.D. Illinois · 1963
- Pullman Trust & Savings Bank, an Illinois Corporation v. United StatesCourt of Appeals for the Seventh Circuit · 1964
- North Carolina National Bank v. The United StatesUnited States Court of Claims · 1965
- First Nat'l Bank v. CommissionerUnited States Tax Court · 1965
- The Central Bank Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1964
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Massachusetts Business Development Corp. v. CommissionerUnited States Tax Court · 1969
- Merchants Industrial Bank, a Corporation Organized and Existing Under the Laws of the State of Colorado v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1973
- American Bank & Trust Co. v. CommissionerUnited States Tax Court · 1973
- American Bank & Trust Co. v. CommissionerUnited States Tax Court · 1973
- Massachusetts Business Development Corp. v. CommissionerUnited States Tax Court · 1969
2 more not listed; retrieve them via the Exa API.