South Hills Trust Co. v. Commissioner
United States Board of Tax Appeals
On December 28, 1920, the petitioner was carrying certain bonds on its books at an amount considerably in excess of their then market value. As a result of an examination by a state bank examiner, and in accordance with the direction of the secretary of banking, the petitioner, on February 3, 1921, added $15,000 to its reserve for depreciation on these investments.
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On December 28, 1920, the petitioner was carrying certain bonds on its books at an amount considerably in excess of their then market value. As a result of an examination by a state bank examiner, and in accordance with the direction of the secretary of banking, the petitioner, on February 3, 1921, added $15,000 to its reserve for depreciation on these investments. The Commissioner's determination that the petitioner may not deduct this amount in 1921 as a reasonable addition to a reserve for bad debts approved.
1Opinion of the Court
SOUTH HILLS TRUST CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
South Hills Trust Co. v. Commissioner
Docket No. 26252.
United States Board of Tax Appeals
19 B.T.A. 674; 1930 BTA LEXIS 2343;
April 24, 1930, Promulgated
On December 28, 1920, the petitioner was carrying certain bonds on its books at an amount considerably in excess of their then market value. As a result of an examination by a state bank examiner, and in accordance with the direction of the secretary of banking, the petitioner, on February 3, 1921, added $15,000 to its reserve for depreciation on these…
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