First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
Petitioner, a national bank, paid $10,000 under an agreement whereby additional capital was raised and paid over to an out of town bank in consideration for the latter taking over the assets and assuming all the liabilities of a local state bank which was about to be closed by the state banking authorities. Held: (1) That petitioner's contract was a valid exercise of its incidental powers as a national bank.
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Petitioner, a national bank, paid $10,000 under an agreement whereby additional capital was raised and paid over to an out of town bank in consideration for the latter taking over the assets and assuming all the liabilities of a local state bank which was about to be closed by the state banking authorities. Held: (1) That petitioner's contract was a valid exercise of its incidental powers as a national bank. (2) That, since the expenditure was made to protect petitioner's business, its depositors, and its stockholders, it is an ordinary and necessary expense within the meaning of section…
1Opinion of the Court
THE FIRST NATIONAL BANK OF SKOWHEGAN, MAINE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First Nat'l Bank v. Commissioner
Docket No. 77165.
United States Board of Tax Appeals
35 B.T.A. 876; 1937 BTA LEXIS 823;
April 16, 1937, Promulgated
Petitioner, a national bank, paid $10,000 under an agreement whereby additional capital was raised and paid over to an out of town bank in consideration for the latter taking over the assets and assuming all the liabilities of a local state bank which was about to be closed by the state banking authorities. Held:(1) That petitioner's contract was a…
2Cases cited30 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Central Transportation Co. v. Pullman's Palace Car Co.Supreme Court of the United States · 1891
- First National Bank in St. Louis v. MissouriSupreme Court of the United States · 1924
- California Bank v. KennedySupreme Court of the United States · 1897
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