Bank of Kirksville v. United States

ORDER GRANTING IN PART AND DENYING IN PART PLAINTIFF’S REQUEST FOR THE RECOVERY OF FEDERAL INCOME TAX AND ESTABLISHING A PROCEDURE FOR DETERMINING THE AMOUNT OF PLAINTIFFS RECOVERY

BARTLETT, Chief Judge.

Plaintiff Bank of Kirksville (the Bank), is located in Kirksville, Missouri. For each of the years 1973 through 1979, 1982, and 1985 through 1988, the Bank of Kirksville timely filed a United States corporation income tax return (Form 1120) with the Internal Revenue Service (IRS). The IRS disallowed a portion of plaintiffs bad debt deductions and required plaintiff to- recognize interest that…