Austin v. Helvering

MARTIN, Chief Justice.

This appeal involves federal income taxes for the calendar year 1924.

The taxpayer is the Merchants’ & Farmers’ State Bank of Elgin, Tex., a corporation organized in 1906 as a bank of deposit and discount, doing business in the state of Texas.

For the calendar year 1924, the bank filed its income tax return showing a tax liability of $334.39, and this amount was accordingly paid by the bank to the collector. When the return was examined the Commissioner of Internal Revenue determined a deficiency of $465.27. The bank appealed to the Board of Tax Appeals for a…