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FIRST NAT. BANK AT WILKINSBURG v. COMMISSIONER

Docket No. 44956.

13 T.C.M. 576 (1954)

T. C. Memo. 1954-78

The First National Bank at Wilkinsburg v. Commissioner.

United States Tax Court.

Filed June 25, 1954.

Attorney(s) appearing for the Case

Richard S. Doyle, Esq., and Jules G. Korner, III, Esq., for the petitioner. George J. Rabil, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined a deficiency in income tax of $8,818.97 for 1948 and one of $4,297.65 for 1949. The only issue for decision is the amount of a reasonable addition for each year to the bad debt reserve.

Findings of Fact

The First National Bank of Wilkinsburg, which had been in existence for a number of years, was closed by order of the Comptroller of the Currency on March 4, 1933 and was never...

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