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FIRST NATIONAL BANK OF GEORGETOWN v. COMMISSIONER

Docket No. 112357.

2 T.C.M. 656 (1943)

First National Bank of Georgetown v. Commissioner.

United States Tax Court.

Entered August 18, 1943.

Attorney(s) appearing for the Case

P. McKinley Harris, Esq., and W. A. Hifner, C. P. A., 145 East High, Lexington, Ky., for the petitioner. Philip M. Clark, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined deficiencies in income and declared value excess profits taxes for the year 1939 in the respective amounts of $2,665.99 and $1,673.85, or a total deficiency for 1939 of $4,339.84. That part of the deficiencies here in question resulted from the Commissioner's action in reducing the cost basis of certain bonds sold by petitioner in 1939 by the amounts of charge-offs and deductions for bad debts taken...

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