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FIRST NATIONAL BANK v. COMMISSIONER

Docket No. 109058.

1 T.C.M. 602 (1943)

First National Bank, Montoursville, Pennsylvania v. Commissioner.

United States Tax Court.

Entered February 13, 1943.

Attorney(s) appearing for the Case

Leon Meltzer, Esq., 213 S. Broad St., Philadelphia, Pa., for the petitioner. Paul E. Waring, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined a deficiency in income tax for the year 1939 in the amount of $459.76. Two issues are presented for decision: (1) Is the petitioner entitled to a deduction of $4,000 for an allegedly worthless debt of its former president and director; and (2) Does the amount of $900 which was received by the petitioner in 1939 as a refund of part of contributions made in a prior year to aid another bank in the community...

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