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RICHMOND HILL SAVINGS BANK v. COMMISSIONER

Docket Nos. 5777-69, 141-70.

57 T.C. 738 (1972)

RICHMOND HILL SAVINGS BANK, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT COLLEGE POINT SAVINGS BANK, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed March 13, 1972.

Attorney(s) appearing for the Case

William F. Chapman, for the petitioners.

Powell W. Holly, Jr., for the respondent.

SCOTT, Judge:

Respondent determined deficiencies in the Federal income tax of petitioner Richmond Hill Savings Bank for the calendar year 1965 in the amount of $18,716.93, and petitioner College Point Savings Bank for the calendar year 1966 in the amount of $15,046.57.

The issue for decision is whether in determining the reserve for bad debts for the years in issue under section 593(b) (3), I.R.C. 1954,1 petitioners' stated...

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