SCHUYLKILL HAVEN TRUST CO. v. UNITED STATES

Civ. A. No. 32104.

252 F.Supp. 557 (1966)

The SCHUYLKILL HAVEN TRUST COMPANY v. UNITED STATES of America.

United States District Court E. D. Pennsylvania.

March 15, 1966.


Attorney(s) appearing for the Case

Gordon W. Gerber, of Dechert, Price & Rhoads, Philadelphia, Pa., for plaintiff.

Drew J. T. O'Keefe, U. S. Atty., Philadelphia, Pa., Richard M. Roberts, Acting Asst. Atty Gen., David A. Wilson, Jr., and Arthur L. Stern, Attys., Dept. of Justice, Washington, D. C., for defendant.


BODY, District Judge.

The principal question presented by the government's motion for summary judgment is whether a downward adjustment on taxpayer's books and records of the value of its bank building, furniture and fixtures in compliance with the Pennsylvania banking law constitutes a deductible loss within the meaning of Section 165 of the Internal Revenue Code of 1954.

The relevant facts have been stipulated by the parties. The plaintiff Trust Company...

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