Collin County Nat. Bank v. Commissioner

BRYAN, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals which disallowed deductions claimed by the 'petitioning bank from its income tax return for the calendar year 1920. The facts are fully stated in the Board’s opinion, 14 B. T! A. 1256, and need not be repeated here at any length.- The bank charged off as losses or bad debts two items, one of $30,000 on October 5, and the other of $56,000 at the end of the year, or in all $86,000 in round numbers. The bank complains in its assignments of error that it was not allowed a deduction of $65,000, made up of…