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FIRST NATIONAL BANK OF FARMINGDALE, N. Y. v. COMMISSIONER

Docket No. 111885.

2 T.C.M. 734 (1943)

First National Bank of Farmingdale, N. Y. v. Commissioner.

United States Tax Court.

Entered September 7, 1943.

Attorney(s) appearing for the Case

George Clott, Esq., for the petitioner, P. J. Cavanaugh, Esq., for the respondent.

Memorandum Opinion

STERNHAGEN, Judge:

Among the several items of adjustment resulting in a determination of deficiency of $753.87 in 1939 income tax, the only one assailed is the disallowance of deductions for loss in the sale of bonds of the City of Gillespie and bonds of the City of Herrin. The case was submitted upon a stipulation of facts.

[The Facts]

The taxpayer, engaged in the banking...

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